Mortgage Rates Held Steady

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Mortgage rates stayed more or less flat this week, with the average rate for a 30-year fixed-rate mortgage at 3.58%, up slightly from 3.55% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.

A year ago at this time, the average rate for a 30-year was 4.52%.

“Mortgage rates inched up slightly this week, closing the month with the 30-year fixed-rate mortgage rate averaging 3.6 percent – almost a full percent from the same time last year,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Low mortgage rates along with a strong labor market are fueling the consumer-driven economy by boosting their purchasing power, which will certainly support housing market activity in the coming months.”

The average rate for a 15-year fixed-rate mortgage was 3.06%, up from 3.03% last week.

A year ago at this time, the average rate for a 15-year was 3.97%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.31%, down slightly from 3.32%.

A year ago at this time, the average rate for a five-year ARM was 3.85%.

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