Mortgage rates increased slightly this week, bringing the average rate for a 30-year fixed-rate mortgage to 3.00%, up from 2.94% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 3.24%.
“After a run up over the first few months of the year, rates have paused and hovered around three percent since March,” says Sam Khater, Chief Economist for Freddie Mac, in a statement. “Despite this favorable rate climate, there remains a shortage of homes for sale. The lack of housing supply has been compounded by labor disruptions and expensive building materials that are driving up the cost of new housing, making it difficult for homebuyers to find homes to purchase.”
The average rate for a 15-year fixed-rate mortgage was 2.29%, up from 2.26% last week but down from 2.70% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.59%, unchanged from last week but down from 3.17% a year ago.
Photo: Carolos Aranda
