Freddie Mac: Rates Rise to Highest Levels of Year

As we get into our peak summer selling season the number of Folsom homes for sale sits at 302 active listings.  One reason for the continued high levels of inventory is related to the mortgage market.  Interest rates continued to increase according Freddie Mac's weekly Primary Mortgage Market Survey released this morning.  Three of the four average rates tracked by the survey were the highest of the current year. 

According to the survey the 30-year fixed-rate mortgage (FRM) jumped to a average rate was 5.29 percent with 0.7 point. This is the highest average rate for the 30-year FRM since the week of November 26, 2008 when it averaged 5.97 percent. 

The 15-year FRM averaged 5.06 percent with an average 0.7 point, up from last week when it averaged 4.79 percent also with 0.7 point. The last time the 15-year FRM was higher was the week ending December 11, 2008, when it was 5.20 percent.

One-year Treasury-indexed ARMs had an average rate of 5.04 percent this week, up from last week when it averaged 4.81 percent. The last time a 1-year ARM was higher was the week ending December 8, 2008, when the average was 5.09 percent.