Mortgage rates held more or less flat during the week ended May 11, with the average rate for a 30-year, fixed-rate mortgage (FRM) at about 4.05%, up slightly from 4.02% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the 30-year FRM averaged 3.57%.
The average rate for a 15-year FRM this week averaged 3.29%, up from 3.27%. A year ago at this time, the 15-year FRM averaged 2.81%.
The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 3.14%, up from 3.13%. A year ago, the five-year ARM averaged 2.78%.
“The 10-year Treasury yield jumped eight basis points this week, while the 30-year mortgage rate rose three basis points to 4.05 percent,” says Sean Becketti, chief economist for Freddie Mac, in a statement. “Mixed economic reports over the last few weeks have anchored the 30-year mortgage rate around the four percent mark.”