Mortgage Rates Edge Up Slightly

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After holding flat for several weeks, fixed mortgage rates edged up slightly during the week ended Jan. 31, with the average rate for a 30-year at 4.46%, up slightly from 4.45%, according to Freddie Mac’s Primary Mortgage Market Survey.

A year ago at this time, the average rate for a 30-year was 4.22%.

“Purchase applications were down this week after soaring early in the year,” says Sam Khater, chief economist for Freddie Mac, in a statement. “However, softening house price appreciation along with increasing inventory of homes on the market – and historically low mortgage rates – should give a boost to the spring home buying season.”

The average rate for a 15-year fixed-rate mortgage was 3.89%, up from 3.88%. A year ago at this time, the  average rate for a 15-year was 3.68%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.96%, up from 3.90%. A year ago at this time, the five-year ARM averaged 3.53%.

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