Encouraging economic data helped lift fixed mortgage rates to their highest level in the past year this week, according to surveys from Freddie Mac and Bankrate.com.
Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed rate rising to an average 3.81 percent (0.8 point) for the week ending May 30, up from last week’s 3.59 percent. Since the beginning of May, the 30-year fixed average has jumped up nearly half a percentage point.
The 15-year fixed-rate mortgage (FRM) also soared this week, rising to 2.98 percent (0.7 point) from last week’s 2.77 percent.
Adjustable rate movements were mixed. The 5-year hybrid adjustable-rate mortgage (ARM) averaged 2.66 percent (0.5 point) this week, up from last week’s average of 2.63…