Mortgage rates took a significant jump this week, as the average rate for a 30-year fixed-rate mortgage increased 12 basis points to 3.69%, up from 3.57% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
Despite the increase, the 30-year remains well below its average of 4.85% during the same week one year ago.
“Despite this week’s uptick in mortgage rates, the housing market remains on the upswing with improvement in construction and home sales,” says Sam Khater, chief economist for Freddie Mac, in a statement. “While there has been a material weakness in manufacturing and consistent trade uncertainty, other economic trends like employment and homebuilder sentiment are encouraging.”
The average rate for a 15-year fixed-rate mortgage was 3.15%, up from 3.05% last week.
A year ago at this time, the average rate for a 15-year was 4.26%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.35%, unchanged from last week.
A year ago at this time, the average rate for a five-year ARM was 4.10%.