30-year mortgage rate highest in a year

WASHINGTON (MarketWatch) – The 30-year fixed-rate mortgage rose to 3.81% in the week ending May 30 – the highest rate in a year — up from 3.59% in the prior week, Freddie Mac said Thursday in its weekly report. A year ago, the 30-year rate averaged 3.75%. “Fixed mortgage rates followed long-term government bond yields higher following a growing market sentiment that the Federal Reserve may lessen its accommodative policy stance,” said Frank Nothaft, Freddie’s chief economist. The average 30-year rate has increased almost half a percentage point this month, but still remains relatively low and will help keep housing affordability high. Meanwhile, the 15-year fixed-rate mortgage also increased, rising to 2.98% in the latest week from 2.77% in the prior week. The average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage rose to 2.66% in the latest week from 2.63% in the prior week. The 1-year Treasury-indexed ARM ticked down to 2.54% in the latest week from 2.55% in the prior week.

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