Mortgage rates were largely unchanged on fixed-rate products as adjustable-rate mortgages saw improvement, according to the latest weekly survey from mortgage financier Freddie Mac.
“Interest rates for fixed-rate mortgages were nearly unchanged this week over reports of continued inflation,” said Frank Nothaft, Freddie Mac chief economist, in a statement.
“Although the gross domestic product grew at a faster rate in the first quarter than originally reported, consumer spending rose only 1%, representing the smallest increase since the 2001 recession.
“In addition, the core price deflator was revised downward to an annualized rate of 2.1% and remained at that pace in April, but this is still above the Federal Reserve’s stated comfort zone.”
The average 30-year fixed-rate mortgage clocked in at 6.09 percent for the week ending June 5, up just one basis point from the week prior.
The 15-year fixed wasn’t much different, shedding a single basis point from last week to average 6.65 percent this week.
The marked movement seemed to come from adjustable-rate mortgages, with the five-year ARM slipping to 5.51 percent from 5.62 percent last week.
The one-year also improved, falling to 5.06 percent from 5.22 percent a week earlier.
A year ago, the 30-year averaged 6.53 percent, the 15-year 6.22 percent, the five-year 6.24 percent, and the one-year 5.65 percent.
The weekly survey, conducted since ‘71, uses data from mortgages at or below the conforming loan amount with an LTV of 80 percent.
(photo: mrflip)
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