Mortgage rates held steady this week, as the average rate for a 30-year fixed-rate mortgage increased slightly to 3.65%, up from 3.64% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
The slight increase follows last week’s decrease of eight basis points.
“Mortgage rates inched up by one basis point this week with the 30-year fixed-rate mortgage averaging 3.65 percent,” says Sam Khater, chief economist for Freddie Mac, in a statement. “By all accounts, mortgage rates remain low and, along with a strong job market, are fueling the consumer-driven economy by boosting purchasing power, which will certainly support housing market activity in the coming months.”
A year ago at this time, the average rate for a 30-year was 4.45%.
For the week ended Jan. 16, the average rate for a 15-year fixed-rate mortgage was 3.09%, up from 3.07%.
A year ago, the average rate for a 15-year was 3.88%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.39%, up from 3.30%.
A year ago, the average rate for a five-year ARM was 3.87%.