Mortgage rates continued to seesaw this week, as the average rate for a 30-year fixed-rate mortgage jumped to 3.68%, up from 3.66% 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 4.81%.
Last week, the average rate for a 30-year dropped nine basis points, relative to the previous week. Rates have been rising and falling for several weeks now, with the 30-year hovering just below 4.0%.
“Following a decline in the first nine months of 2019, mortgage rates have traded narrower during the last two months with a modest drift upward due to an improved economic outlook,” says Sam Khater, Chief Economist for Freddie Mac, in a statement. “While there has been a lag in the housing market’s response to lower rates, real estate volumes have clearly shifted into a higher gear.
“Moreover, the recent improvement in the cyclical segments of the economy and easing financial conditions will provide a gentle tailwind to the real estate market rebound over the next few months,” Khater adds.
This week’s survey was released one day early due to the Thanksgiving holiday.
The average rate for a 15-year fixed-rate mortgage was 3.15%, flat compared with last week.
A year ago at this time, the average rate for a 15-year was 4.25%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.43%, up from 3.39%.
A year ago at this time, the average rate for a five-year ARM was 4.12%.