Mortgage rates moved upward during the week ended Jan. 11, with the average rate for a 30-year, fixed-rate mortgage (FRM) reaching 3.99%, up from 3.95% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the 30-year FRM averaged 4.12%.
“After dipping slightly last week, Treasury yields surged this week amidst sell-offs in the bond market,” says Len Kiefer, deputy chief economist for Freddie Mac, in a release. “The 10-year Treasury yield, for instance, reached its highest point since March of last year. Mortgage rates followed Treasury yields and ticked up modestly across the board. The 30-year, fixed-rate mortgage averaged 3.99 percent, up four basis points from a week ago.”
The average rate for a 15-year FRM was 3.44%, up from 3.38% the previous week. A year ago at this time, the 15-year FRM averaged 3.37%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.46%, up from 3.45%.
A year ago at this time, the five-year ARM averaged 3.23%.