U.S. fixed mortgage rates continued to move up this week, following higher Treasury bond yields on signs of stronger consumer spending, according to the Primary Mortgage Market Survey released by Freddie Mac on Thursday.
The U.S. mortgage giant said that the 30-year fixed-rate mortgage (FRM) rose to 3.51 percent in the week ending May 16, up from 3.42 percent in the previous week.
The 15-year FRM, a popular choice for those looking to refinance, rose to 2.69 percent this week from 2.61 percent in the prior week.
In addition, the five-year Treasury-indexed hybrid adjustable- rate mortgage (ARM) averaged 2.62 percent, while the one-year Treasury-indexed ARM rose to 2.55 percent.
Mortgage rates remain at an affordable level for house buying and refinancing, and continue to support the ongoing housing recovery that began last year.