Mortgage Rates Increase Slightly But Refinance Activity Remains Strong


Mortgage rates increased slightly this week but the recent surge in refinance activity continued, according to Freddie Mac’s Primary Mortgage Market Survey.

The average rate for a 30-year fixed rate mortgage was 3.47%, up from 3.45% last week but down significantly from 4.37% last year.

The average rate for a 15-year fixed-rate mortgage was 2.97%, flat compared with last week but down from 3.81% a year ago.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.28%, down from 3.32% last week and down from 3.88% a year ago.

“With mortgage rates hovering near a five-decade low, refinance application activity is once again surging, rising to the highest level in seven years,” says Sam Khater, chief economist Freddie Mac, in a statement. “This surge coupled with strong purchase activity means that total mortgage demand remains robust, reflective of a solid economic backdrop and a very low mortgage rate environment.”

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