by Chris Montcalmo

Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates up slightly from 2016 lows.

The 30-year fixed-rate mortgage averaged 3.64 percent with an average 0.5 point for the week ending May 26, 2016, up from last week when it averaged 3.58 percent. A year ago at this time, the 30-year FRM averaged 3.87 percent.

The 15-year fixed-rate mortgage this week averaged 2.89 percent with an average 0.5 point, up from last week when it averaged 2.81 percent. A year ago at this time, the 15-year FRM averaged 3.11 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.87 percent this week with an average 0.5 point, up from last week when it averaged 2.80 percent. A year ago, the 5-year ARM averaged 2.90 percent.

“U.S. Treasury yields moved up in response to the Fed minutes release, which kept alive the possibility of a summer rate-hike,” said Freddie Mac chief economist Sean Becketti.  “Mortgage rates followed, with the 30-year fixed-rate mortgage increasing 6 basis points to 3.64 percent. Despite this increase, May ends the month averaging only 3.60 percent, 1 basis point below April’s average, and the lowest monthly average in 3 years. Homebuyers are taking advantage of these historically low rates with April’s new-home sales [pdf] increasing by 16.6 percent, the fastest pace since January 2008.”

For more information on Baltimore mortgage rates, contact mortgage consultant Chris Montcalmo by clicking here.