WASHINGTON–The 30-year fixed-rate mortgage averaged 3.64% with an average 0.5 point for the week ending May 26, 2016, up from one week earlier when it averaged 3.58%, according to Freddie Mac.
One year earlier at the same time the 30-year FRM averaged 3.87%.
Meanwhile, the 15-year FRM this week averaged 2.89% with an average 0.5 point, up from one week earlier when it averaged 2.81%. A year ago at the same time the 15-year FRM averaged 3.11%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.87% this week with an average 0.5 point, up from last week when it averaged 2.80%. A year ago, the five-year ARM averaged 2.90%.
"U.S. Treasury yields moved up in response to the Fed minutes release, which kept alive the possibility of a summer rate hike,” said Sean Becketti, chief economist with Freddie Mac, in a statement. “Mortgage rates followed, with the 30-year fixed-rate mortgage increasing six basis points to 3.64%. Despite this increase, May ends the month averaging only 3.60%, one basis point below April's average, and the lowest monthly average in three years. Homebuyers are taking advantage of these historically low rates with April's new home sales increasing by 16.6%, the fastest pace since January 2008.”