Mortgage rates inched up slightly this week but remain at all-time lows.
The average rate for a 30-year, fixed-rate mortgage was 2.96%, up from 2.88% last week but down from 3.60% a year ago, according to Freddie Mac’s Primary Mortgage Market Survey.
“Homebuyer demand remains strong, especially for those in search of an entry-level home where the improvement in affordability via lower mortgage rates has a material impact,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Even with this week’s uptick, very low rates are providing a significant boost to the housing market that continues to hold up well during this time of uncertainty.”
The average rate for a 15-year fixed-rate mortgage was 2.46%, up from 2.44% a week ago but down from 3.07% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.90%, flat compared with last week but down from 3.35% a year ago.
