Although there was a month-over-month increase in residential interest rates, more recently the was a week-over-week decline in average mortgage rates.
During May, prospective borrowers on loans used to finance a home purchase were offered an average 30-year fixed rate of 5.02 percent, rising 10 basis points from the preceding month.
But annual percentage rates offered to borrowers who had the best credit profiles last month on purchase-money financing averaged just 4.35 percent, up 9 BPS from April.
LendingTree reported the APRs in its
Mortgage Offers Report - May 2018.
Average 30-year fixed rates worked out to 4.54 in Freddie Mac's Primary Mortgage Market Survey during just the seven days that concluded on June 7.
Long-term mortgage rates eased compared to one week previous, when the average was 4.56 percent. Rates were well above, however, 3.89 percent one year previous.
In the week June 6 to June 12, sixty-two percent of panelists surveyed by Bankrate.com predicted rates will increase at least 3 BPS over the next week. Another 23 percent expected a decline, and just 15 percent were betting on no change.
In the U.S. Mortgage Market Index report from Mortgage Daily and OpenClose, jumbo interest rates were just 2 BPS higher than conforming rates, thinning from a 6-basis-point spread the preceding week.
Freddie's survey had 15-year fixed rates averaging 4.01 percent, tumbling 5 BPS from the week ended May 31. The spread between 15- and 30-year rates widened to 53 BPS from 50 BPS the prior week.
At 3.74 percent -- five-year, Treasury-indexed, hybrid adjustable-rate mortgages
were 6 BPS better than in Freddie's last report.
The yield on the one-year Treasury note, which determines rate changes on hybrid ARMs, closed today at 2.31 percent, according to the Department of the Treasury. The yield
rose from 2.23 percent the prior Thursday.
A far less utilized ARM index, the six month
London Interbank Offered Rate, was reported by Bankrate.com at 2.48 percent as of Wednesday, up a single basis point from seven days earlier.
The Secured Overnight Financing Rate, which will eventually replace LIBOR, was
reported by the Federal Reserve Bank of New York at 1.73 percent as of Wednesday, slightly higher than 1.72 percent as of the preceding Wednesday.
ARM share in the most-recent Mortgage Market Index report thinned to 14.6 percent from 16 8 percent the prior week.