Mortgage rates edged up this week compared to last week, according to Freddie Mac's Primary Mortgage Market Survey.
In fact, fixed mortgage rates on average made their biggest one-week gain so far this year, the government-sponsored enterprise reports. Still, rates remain near historical lows.
For the week ending Sept. 18, the average rate for a 30-year fixed-rate mortgage (FRM) was 4.23%, up from 4.12% the previous week. A year ago at this time, the 30-year FRM averaged 4.50%.
The average rate for a 15-year FRM was 3.37%, up from 3.26% a week prior. A year ago at this time, the 15-year FRM averaged 3.54%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.06%, up from 2.99% the previous week. A year ago, the five-year ARM averaged 3.11%.
The average rate for a one-year Treasury-indexed ARM was 2.43%, down slightly from 2.45% the week prior. At this time last year, the one-year ARM averaged 2.65%.
‘Fixed-rate mortgage rates rose this week following the increase in 10-year Treasury yields being partially fueled by market speculation the Federal Reserve might change its interest rate guidance,’ says Frank Nothaft, vice president and chief economist for Freddie Mac, in a statement. ‘Meanwhile, the Labor Department reported that its Consumer Price Index (CPI) declined 0.2 percent in August, reflecting declines in energy prices. Excluding food and energy, the CPI was unchanged.’