Rates take big jump
After months of low rates some of which broke long-time records, mortgage interest rates shot up drastically during the week ended June 4. Freddie Mac released the results of its Primary Mortgage Market survey, showing that the 30-year fixed-rate mortgage (FRM) for the week averaged 5.29 percent with 0.7 point. This is the highest rate for the 30-year FRM since the week ended December 18, 2008 when the average was 5.19 percent. The new number is an increase of 37 basis points over last week’s average 4.91 percent with 0.7 point.
The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased last week to 5.25 percent, up from 5.02 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. Meanwhile, rates for 15-year fixed mortgages rose to 4.78 percent from 4.60 percent, and 5-1 adjustable rate mortgages rose to 4.48 percent from 4.27 percent the week prior.