Mortgage rates edged up slightly for a second week but remain near all-time lows.
For the week ended May 14, the average rate for a 30-year, fixed rate mortgage was 3.28%, up slightly from 3.26% the previous week bot down from 4.07% a year ago, according to Freddie Mac’s Primary Mortgage Market Survey.
“Mortgage rates have stabilized at very low levels over the last few weeks as homebuyer demand slowly improves,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Although purchase applications reached a new low in mid-April, today purchase demand is only down ten percent from one year ago. While demand is improving, inventory is low and declining with no signs of a turnaround yet.”
The average rate for a 15-year fixed-rate mortgage was 2.72%, down slightly from 2.73% the previous week and down from percent 3.53% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.18%, up slightly from 3.17% the previous week but down from 3.66% a year ago.