Mortgage rates more or less held steady during the week ending June 5, according to Freddie Mac's Primary Mortgage Market Survey.
The average rate for a 30-year fixed-rate mortgage (FRM) was 4.14%, up slightly from 4.12% the previous week. A year ago at this time, the 30-year FRM averaged 3.91%.
The average rate for a 15-year FRM was 3.23%, up slightly from 3.21% the week prior. A year ago at this time, the 15-year FRM averaged 3.03%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.93%, down slightly from 2.96% the previous week. A year ago, the five-year ARM averaged 2.74%.
The average rate for a one-year Treasury-indexed ARM was 2.40%, down slightly from 2.41% the week prior. At this time last year, the 1-year ARM averaged 2.58%.
‘Mortgage rates were little changed amid a week of light economic reports,’ says Frank Nothaft, vice president and chief economist for Freddie Mac. ‘Of the few releases, real GDP was revised down to -1.0 percent growth in the first quarter of 2014. ADP Research Institute estimated the private sector added 179,000 jobs in May, which followed a slight downward revision of 5,000 jobs in April. Meanwhile, the Institute for Supply Management reported the manufacturing industry saw a slight acceleration in monthly growth for May.’