Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates moving higher amid a strong employment report. Regardless, fixed-rate mortgages rates still remain near their May 23, 2013 lows, as the 30-year fixed-rate mortgage (FRM) averaged 3.76 percent with an average 0.6 point for the week ending Feb. 19, 2015, up from last week when it averaged 3.69 percent. A year ago at this time, the 30-year FRM averaged 4.33 percent. The 15-year FRM this week averaged 3.05 percent with an average 0.6 point, up from last week when it averaged 2.99 percent. A year ago at this time, the 15-year FRM averaged 3.35 percent.
"Mortgage rates rose for the second consecutive week as 10-year Treasury yields surged," said Len Kiefer, deputy chief economist, Freddie Mac. "Housing starts declined two percent to a seasonally adjusted pace of 1.065 million units and housing permits dipped 0.7 percent in January. However, homebuilders remain confident about new home sales although slightly tempered from last month as the NAHB Housing Market Index slipped two points to 55 in February."
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week with an average 0.5 point, unchanged from last week. A year ago, the five-year ARM averaged 3.08 percent. The one-year Treasury-indexed ARM averaged 2.45 percent this week with an average 0.4 point, up from last week when it averaged 2.42 percent. At this time last year, the one-year ARM averaged 2.57 percent.
