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Mortgage Rates made the biggest one week jump this year and is now at the highest level in over 4 months.
As part of Primary Mortgage Market Survey (PMMS), Freddie Mac reported that the 30 Year Fixed rate is now at the highest levels since May 1, 2014.
Based on the survey, below are the average mortgage rates for last week:
30 Year Fixed rate mortgage FRM) averaged 4.23% with 0.5 points. One year ago the 30 Year FRM averaged 4.5%.
15 Year FRM averaged 3.37% with 0.5 points. A year ago at this time, 15 Year FRM averaged 3.54%.
5 Year Adjustable Rate Mortgage (ARM) averaged 3.06% with 0.5 points. A year ago at this time, 5 Year ARM averaged 3.11%.
While the mortgage rates continue to be at the lowest levels of the year, they are trending up.
Whether you are looking to refinance or buy, now is a good time to request a rate quote.