Fixed mortgage rates trended higher for the third consecutive week, according to reports from ""Freddie Mac"":http://www.freddiemac.com/ and ""Bankrate.com"":http://www.bankrate.com/.[IMAGE]
According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.59 percent (0.7 point) for the week ending May 23, up from 3.51 percent the previous week. Last year at this time, the 30-year FRM averaged 3.78 percent.
The 15-year FRM was also up, averaging 2.77 percent (0.7 point) from 2.69 percent previously.[COLUMN_BREAK]
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) had an average rate of 2.63 percent (0.5 point) this week--slightly up from 2.62 percent in the last survey--while the 1-year ARM averaged 2.55 percent (0.4 point), flat from last week.
""Fixed-rates moved up for the third consecutive week, with the average 30-year fixed-rate mortgage about a quarter-percentage point higher than three weeks ago. While this may slow some of the refinance momentum, rates are nonetheless low and home-buyer affordability high, which should further aid home sales and construction in coming weeks,"" said Frank Nothaft, VP and chief economist at Freddie Mac.
The steady rise in rates over the last several weeks has indeed been a drag on refinance volume. According to the Mortgage Bankers Association's ""Weekly Mortgage Applications Survey"":https://themreport.com/articles/mortgage-applications-decline-as-refis-nosedive-2013-05-22 for the week ending May 17, refinance applications have fallen to their lowest level since late March.
Bankrate's weekly national survey showed the benchmark 30-year fixed rate rising to 3.74 percent, an increase of 3 basis points. The 15-year fixed was at 2.97 percent, meanwhile, up from 2.92 percent.
The 5/1 ARM averaged 2.70 percent, Bankrate reported, up from 2.68 percent last week.