The average rate for a 30-year fixed-rate mortgage increased to 2.84% this week, up from an all-time low of 2.78% last week but way down from 3.75% a year ago, according to Freddie Mac’s Primary Mortgage Market Survey.
“Mortgage rates jumped this week as a result of positive news about a COVID-19 vaccine,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Despite this rise, mortgage rates remain about a percentage point below a year ago and the low rate environment is supportive of both purchase and refinance demand. Heading into late fall, the housing market continues to grow and buttress the economy.”
The average rate for a 15-year fixed-rate mortgage was 2.34%, up from 2.32% last week and up from 3.20% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.11%, up from 2.89% last week but down from 3.44% a year ago.