Mortgage rates increased slightly this week, with the average rate for a 30-year fixed-rate mortgage rising to 2.90%, up from 2.87% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 3.64%.
“Mortgage rates set several record lows over the last few months and have remained low into September,” says Sam Khater, chief economist for Freddie Mac, in a statement. “While there is room for rates to decrease even more, higher home prices and low inventory could potentially stifle the high demand that we’ve been seeing.”
For the week ended Sept. 24, the average rate for a 15-year fixed-rate mortgage was 2.40%, up from 2.35% last week but down from 3.16% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.90%, down from 2.96% last week and down from 3.38% a year ago.