The average rate for a 30-year mortgage increased seven basis points this week to 3.36%, up from 3.29% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
That’s still near historic lows and down from 4.31% a year ago.
The average rate for a 15-year fixed-rate mortgage was 2.77%, down from 2.79% the previous month and down from 3.76% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.01%, down from 3.18% the previous week and down from 3.84% a year earlier.
“As refinance applications continue to surge and lenders work to manage capacity, the 30-year fixed-rate mortgage ticked up from last week’s all-time low,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Mortgage rates remain at extraordinary levels and many homeowners are smartly weighing their options to refinance, potentially saving themselves money.”