June 1st, 2015 3:12 PM by Jennifer Sheil
On the rates front, Freddie Mac's latest Primary Mortgage Market Survey (PMMS) found the 30-year fixed-rate mortgage (FRM) averaged 3.85 percent with an average 0.6 point for the week ending May 14. The 15-year FRM this week averaged 3.07 percent with an average 0.6 point.
"Mortgage rates rose for the third consecutive week as 10-year Treasury yields continued to climb," said Len Kiefer, deputy chief economist for Freddie Mac. "The labor market continues to improve with U.S. economy adding 223,000 jobs in April, a solid rebound from merely 85,000 job gains in March. Also, the unemployment rate dipped to 5.4 percent in April as the participation rate ticked up to 62.8 percent and jobless claims were far less than expected."
Click here to see the full article by Phil Hall in National Mortgage Professional magazine.