Mortgage rates held near last week’s year-to-date low, according to Freddie Mac’s Primary Mortgage Market Survey.
During the week ended Sept. 14, the average rate for a 30-year fixed-rate mortgage (FRM), based on closings, was 3.78%. A year ago it was about 3.50%.
The average rate for a 15-year FRM was 3.08% – also basically flat compared with the previous week. A year ago at this time, the average rate for a 15-year was 2.77%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.13%, down from 3.15% the previous week. A year ago at this time, the average rate for a five-year ARM was 2.82%.
“Following a sharp decline last week, the 10-year Treasury yield rose 11 basis points this week,” says Sean Becketti, chief economist, Freddie Mac, in a statement. “The 30-year mortgage rate, however, remained unchanged at 3.78 percent. If Treasury yields continue to rise, mortgage rates could see an increase in next week’s survey.”