After rising for three consecutive weeks, mortgage rates edged back down this week, with the average rate for a 30-year fixed-rate mortgage falling to 3.69%, down from 3.78% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
Although higher than it was two weeks ago, that’s well below the average rate of 4.94% a year ago.
“After a year-long slide, mortgage rates hit a cycle low in September and have risen in six out of the last nine weeks due to modestly better economic data and trade related optimism,” says Sam Khater, chief economist for Freddie Mac, in a statement. “The improvement in sentiment has been one of the main drivers behind the surge in equity prices and will provide a halo effect.”
The average rate for a 15-year fixed-rate mortgage was 3.13% down from 3.19% the previous week.
A year ago at this time, the average rate for a 15-year was 4.33%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.39%, down from 3.43%.
A year ago, the average rate for a five-year ARM was 4.14%.