Freddie Mac (FMCC.OB) on Thursday said average fixed mortgage rates following 10-year Treasury yields moved slightly higher in the week ending May 7.
Freddie Mac also noted that the 30-year fixed-rate mortgage ("FRM") averaged 3.80 percent for the week ending May 7, up from last week's average of 3.68 percent. A year ago at this time, the average was 4.21 percent.
The announcement was part of Freddie Mac releasing the results of its Primary Mortgage Market Survey.
"Mortgage rates rose this week to the highest level since the week of March 12 as a selloff in German bunds helped drive U.S. Treasury yields above 2.2 percent," said Len Kiefer, deputy chief economist, Freddie Mac.
Freddie Mac also said 15-year FRM averaged 3.02 percent for the week ending May 7, up from last week's average of 2.94 percent. A year ago, the average was 3.32 percent.
As for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM), the average was 2.90 percent this week, up from last week's 2.85 percent. A year ago, the average was 3.05 percent.
The 1-year Treasury-indexed ARM averaged 2.46 percent this week, down from last week when it averaged 2.49 percent. At this time last year, the 1-year ARM averaged 2.43 percent, Freddie Mac said.
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