Mortgage rates barely budged this week, as the average rate for a 30-year was flat at 4.81%, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the 30-year fixed-rate mortgage averaged 3.90%.
“Mortgage rates stabilized the last couple of months as interest rate sensitive sectors such as new auto and home sales have clearly softened the outlook for the economy,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Homebuyers pounced on the stability in rates as purchase mortgage applications increased, which indicates that despite higher mortgage rates this year there are buyers on the fence waiting for the right time to buy.”
The average rate for a 15-year FRM was 4.25%, up slightly from 4.24%. A year ago at this time, the 15-year FRM averaged 3.30%.
The average rate for a five-year treasury-indexed hybrid adjustable-rate mortgage (ARM) was 4.12%, up from 4.09%. A year ago at this time, the five-year ARM averaged 3.32%.
