Freddie Mac: Mortgage Rates Inched Up Slightly

Mortgage rates inched up slightly but remained near historic lows during the week ended Sept. 1, according to Freddie Mac’s Primary Mortgage Market Survey.

The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.46%, up from 3.43% the previous week. A year ago at this time, the 30-year FRM averaged 3.89%.

The average rate for a 15-year FRM was 2.77%, up from 2.74%. A year ago at this time, the 15-year FRM averaged 3.09%.

The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 2.83%, up from 2.75%. A year ago, the five-year ARM averaged 2.90%.

“The 10-year Treasury yield inched up in response to Fed Chair Janet Yellen’s speech last Friday then settled near last week’s average,” said Sean Becketti, chief economist for Freddie Mac, in a release. “The 30-year, fixed-rate mortgage rose three basis points to 3.46 percent. Mortgage rates have hovered between 3.41 and 3.48 percent for the past 10 weeks.”


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