Mortgage rates were up slightly from last week in continued anticipation to a possible move by the Federal Reserve, but still near three-year lows, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.66% for the week ending June 2,
"Since jumping 11 basis points on May 18, the 10-year Treasury yield has leveled-off around 1.85%. Mortgage rates continue to adjust to this new level with the 30-year fixed-rate inching up another 2 basis points this week," said Sean Becketti, chief economist at Freddie Mac.
The 15-year FRM averaged 2.92%, up from last week when it averaged 2.89%. A year ago at this time, the 15-year averaged 3.08%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.88%, up from last week when it averaged 2.87%, while a year ago it averaged 2.96%.
"Recent statements by the Fed appear to have persuaded the market that a rate hike may come sooner than later. However, the market is fickle, and Friday's employment report has the potential to swing opinion 180 degrees in the other direction," Becketti added.
