Mortgage rates stayed mostly flat this week, as the average rate for a 30-year fixed-rate mortgage edged up slightly to 3.49%, up from 3.47% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
That’s down significantly from 4.35% a year ago.
For the week ended Feb. 20, the average rate for a 15-year fixed-rate mortgage was 2.99%, up slightly from 2.97% the previous week but down from 3.78% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.25%, down from 3.28% last week and down from 3.84% a year ago.
“The low mortgage rate environment continues to spur home buying activity, with applications to purchase a home up fifteen percent from a year ago,” says Sam Khater, chief economist for Freddie Mac, in a statement.
“We’ve seen new residential construction surge over the last few months, on pace to reach the highest level in more than a decade. This is a good sign for the inventory-starved housing market and is a promising indication for the spring home buying season.”