Markets & Economy

Market update June 18, 2015: Mortgage rates, reverse mortgage index and more

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Freddie Mac's Primary Mortgage Market Survey: 30-year fixed-rate mortgages (FRMs) averaged 4 percent this week with an average 0.7 point, down from 4.17 percent a year ago. 15-year FRMs averaged 3.23 percent this week, down from 3.3 percent a year ago. 5-year adjustable-rate mortgages (ARMs) averaged 3 percent this week with an average 0.4 point. A year ago, the 5-year ARM averaged 3 percent. 1-year ARMs averaged 2.53 percent this week, with an average 0.2 point. A year ago, the 1-year ARM averaged 2.41 percent. The NRMLA/Risk Span Reverse Mortgage Market Index: The index has reached 189.67. This is the highest level since the first quarter of 2007. There was a $63.5 billion increase in senior home equity in the first quarter of 2015. 1Q 2015 was the 12th consecutive quarter in which the index rose. Re/Max released its June 2015 National Housing Report: Completed transactions in May 2015 were 8.9 percent higher than in April and 3.5 percent h...