The 30-year fixed-rate mortgage rate averaged 6.63% in the week ending June 15, according to the survey. The average rate was up from 6.62% last week and 5.63% a year ago. The 15-year fixed-rate hit 6.25%, up slightly from its 6.23% average last week and its 5.22% average a year ago. The average rate for 5-year Treasury-indexed hybrid adjustable-rate mortgages landed at 6.23% in the survey, up from 6.20% last week and 5.10% a year ago. The 1-year Treasury-indexed ARM averaged 5.66%, up from 5.63% last week and 4.25% a year ago.
“Mixed economic indicators are causing some volatility in financial markets. This invariably leads to the fluctuations in mortgage rates like what we have seen recently,” said Frank Nothaft, Freddie Mac chief economist. “Still, there has been no drastic movement in mortgage rates and we see nothing on the horizon that would bring about any extreme rise or fall in rates going forward. Our economic forecast still indicates strongly that, even with gradually rising rates, 2006 may well be the third strongest year on record for housing,” he said.
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