Mortgage rates edged upward for a third straight week, as the average rate for a 30-year fixed-rate mortgage reached 4.17%, up from 4.12%, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the 30-year averaged 4.47%.
“After dropping dramatically in late March, mortgage rates have modestly increased,” says Sam Khater, chief economist for Freddie Mac, in a release. “While this week marks the third consecutive week of rises, purchase activity reached a nine-year high – indicative of a strong spring home buying season.”
The average rate for a 15-year was 3.62%, up from 3.60%. A year ago at this time, the 15-year averaged 3.94%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.78%, up from 3.80 percent.
A year ago at this time, the five-year ARM averaged 3.67%.