(917) 207-7012
Paul.Zweben@Compass.com
Menu
Menu

Mortgage rates are creeping higher!

Rates on 30-year fixed-rate mortgages climbed back toward 5 percent this week, following long-term bond yields up on uncertainty over the economy and massive government borrowing.

The 30-year fixed-rate mortgage (FRM) averaged 4.91 percent with an average 0.7 point for the week ending May 28, up from 4.82 percent last week, but well below the 6.08 percent average rate a year ago, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.

"Fixed-rate mortgage rates followed long-term bond yields higher this week as financial markets try to discern the state of the economy," said Freddie Mac Chief Economist Frank Nothaft in a statement.

The 15-year FRM this week averaged 4.53 percent with an average 0.7 point, up from 4.5 percent last week but down from 5.66 percent a year ago.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.82 percent with an average 0.6 point, up from 4.79 percent last week but down from 5.62 percent a year ago.

One-year Treasury-indexed ARMs averaged 4.69 percent this week with an average 0.6 point, down from 4.82 percent last week and 5.22 percent a year ago. The 1-year ARM has not been lower since the week ending Sept. 29, 2005, when it averaged 4.68 percent, Freddie Mac said.

Have you seen these yet?

Work with The Zweben Team

With The Zweben Team, we guarantee attentive and personalized service. We genuinely listen to your aspirations, offer sincere recommendations, and utilize our expert negotiation skills to fiercely advocate for you. With us, you're choosing unparalleled expertise and a tailored experience to meet your unique real estate needs.
Contact us

Subscribe To

THE ZWEBEN TEAM NEWSLETTER
Experience a monthly dose of handpicked content from The Zweben Team, showcasing exclusive property listings, market updates and a little foodie fun.

Consent
Paul Zweben, Licensed Associate RE Broker
paul.zweben@compass.com
Carolyn Zweben, Licensed Associate RE Broker
carolyn.zweben@compass.com
110 5th Ave, 2nd Floor
New York, NY 10003

Copyright @ 2024 The Zweben Team. All Rights Reserved. Privacy Policy. Powered by 23 Window Media.

The Zweben Team is a team of licensed real estate salespersons affiliated with Compass. Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. New York State Fair Housing. New York Real Estate Standard Operating Procedures.

cross