Mortgage rates continued to hold steady this week, as the average rate for a 30-year fixed-rate mortgage was 3.68%, unchanged from 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 4.75%.
“This week the economy sent mixed signals, leaving mortgage rates unchanged,” explains Sam Khater, chief economist for Freddie Mac, in a statement. “Survey data for manufacturing and service industries varied while construction spending fell modestly. However, homebuyer demand continued to improve, rising eight percent. Clearly homebuyers remain bullish on the real estate market.”
The average rate for a 15-year fixed-rate mortgage was 3.14%, down slightly from 3.15%.
A year ago at this time, the average rate for a 15-year was 4.21%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.39%, down from 3.43%.
A year ago at this time, the average rate for a five-year ARM was 4.07%.