Mortgage rates edged up slightly this week, as the average rate for a 30-year fixed-rate mortgage increased to 2.93%, up from 2.91% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
That’s down significantly from 3.49% a year ago – and still near historic all-time lows.
“Mortgage rates have remained effectively flat or at near record lows for the last month,” says Sam Khater, chief economist for Freddie Mac, in a statement. “However, there are some interesting compositional shifts as the 10-year Treasury rate has increased modestly over the past month while mortgage spreads have declined. Spreads may decline even further but the rise in Treasury rates will make it difficult for mortgage rates to fall much more over the next few weeks.”
The average rate for a 15-year fixed-rate mortgage was 2.42%, down from 2.46% last week and down from 3.00% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.93%, up from 2.91% the previous week but down from 3.30% a year ago.