Average fixed mortgage rates ended their six-week streak of record-setting lows this week, with the 30-year fixed rate at 3.71 percent – but still very much in historically low territory, Freddie Mac reported.
Record setting lows last week helped push up U.S. mortgage applications to levels not seen since Spring 2009.
Much of the activity comes from refinancing borrowers taking part in an expanded Obama Administration effort dubbed HARP 2.0 (Home Affordable Refinance Program).
“Fixed mortgage rates edged up slightly from record lows during a mild week of economic data releases,” said Frank Nothaft, vice president and chief economist, Freddie Mac.
The Federal Reserve Board reported that household net worth rose by $2 trillion to $62.9 trillion over the first three months of 2012, primarily due to increases in the equity markets.
This is still well below the peak of $67.5 trillion set in the third quarter of 2007. But homeowners saw an aggregate $372 billion rise in property values over the first three months of this year.
Here’s an overview of mortgage rates from Freddie Mac:
- 30-year fixed-rate mortgage averaged 3.71 percent, with an average 0.7 point, for the week ending June 14, 2012, up from last week when it averaged 3.67 percent. Last year at this time, the 30-year FRM averaged 4.50 percent.
- 15-year fixed-rate this week averaged 2.98 percent, with an average 0.7 point, up from last week when it averaged 2.94 percent. A year ago at this time, the 15-year FRM averaged 3.67 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week, with an average 0.6 point, down from last week when it averaged 2.84. A year ago, the 5-year ARM averaged 3.27 percent.
- 1-year Treasury-indexed ARM averaged 2.78 percent this week with an average 0.5 point, down from last week when it averaged 2.79 percent. At this time last year, the 1-year ARM averaged 2.97 percent.