Mortgage Rates Flat After Falling For Several Weeks

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Mortgage rates stabilized this week, following several weeks of decreases.

According to Freddie Mac’s Primary Mortgage Market Survey, the average rate for a 30-year fixed rate mortgage was 3.84%, up slightly from 3.82% last week.

A year ago at this time, the average rater for a 30-year was 4.57%.

The average rate for a 15-year fixed rate mortgage was 3.25%, down slightly from 3.26% last week.

A year ago at this time, the average rate for a 15-year was 4.04%. 

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.48%, down from 3.51% the previous week.

A year ago at this time, the five-year ARM averaged 3.83%.

“While the continued drop in mortgage rates has paused, homebuyer demand has not, says Sam Khater, chief economist for Freddie Mac, in a statement. “This is evident in increased purchase activity and loan amounts, indicating that homebuyers still have the willingness and capacity to purchase homes.

“Today’s low rates, strong job market, solid wage growth and consumer confidence are typically important drivers of home sales,” Khater adds.

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