Mortgage Rates Higher for Third Consecutive Week

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According to Freddie Mac's Primary Mortgage Market Survey, the average fixed mortgage rate followed 10-year Treasury yields higher and rising for the third consecutive week. At 3.85 percent, the average 30-year fixed-rate mortgage is just below the high for 2015.

Len Kiefer, deputy chief economist, Freddie Mac says, "Mortgage rates rose for the third consecutive week as 10-year Treasury yields continued to climb. The labor market continues to improve with U.S. economy adding 223,000 jobs in April, a solid rebound from merely 85,000 job gains in March. Also, the unemployment rate dipped to 5.4 percent in April as the participation rate ticked up to 62.8 percent and jobless claims were far less than expected."

Freddie Mac News Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.85 percent with an average 0.6 point for the week ending May 14, 2015, up from last week when it averaged 3.80 percent. A year ago at this time, the 30-year FRM averaged 4.20 percent.

• 15-year FRM this week averaged 3.07 percent with an average 0.6 point, up from last week when it averaged 3.02 percent. A year ago at this time, the 15-year FRM averaged 3.29 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.89 percent this week with an average 0.5 point, down from last week when it averaged 2.90 percent. A year ago, the 5-year ARM averaged 3.01 percent.

• 1-year Treasury-indexed ARM averaged 2.48 percent this week with an average 0.4 point, up from last week when it averaged 2.46 percent. At this time last year, the 1-year ARM averaged 2.43 percent.