Mortgage rates continued to hover near all-time lows this week. The average rate for a 30-year fixed-rate mortgage was 3.21%, up slightly from 3.18% last week but down from 3.82% a year ago, according to Freddie Mac’s Primary Mortgage Market Survey.
The average rater for a 15-year fixed-rate mortgage was 2.62%, unchanged from last week but down from 3.26% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.10%, unchanged from last week but down from 3.51% a year ago.
“The rebound in home buyer demand continued this week, driven by mortgage rates that hover near record lows,” says Sam Khater, chief economist for Freddie mac, in a statement. “This turnaround in demand, particularly by those who have higher incomes than the typical household, also reflects deferred sales from the spring.”