Low mortgage rates stabilize

The 30- and 15-year FRMs inched up slightly

Low mortgage rates stabilize

Mortgage rates rose slightly last week, according to the results of Freddie Mac’s Primary Mortgage Market Survey.

The report showed that the 30-year fixed-rate mortgage (FRM) inched up from 3.55% to 3.58% with an average 0.5 point last week. Freddie Mac Chief Economist Sam Khater pointed out that the 30-year FRM was nearly a full percent from last year’s 4.52% average.

The 15-year FRM was also on an upswing last week, as it climbed from 3.03% to 3.06% with an average 0.5 point. A year ago, the 15-year FRM averaged 3.97%.

Meanwhile, the five-year Treasury-indexed adjustable-rate mortgage (ARM) dipped to 3.31% with an average 0.4 point last week. It was 3.32% the week before and 3.85% last year at this time.

“Mortgage rates inched up slightly this week, closing the month with the 30-year fixed-rate mortgage rate averaging 3.6% – almost a full percent from the same time last year,” said Khater. “Low mortgage rates along with a strong labor market are fueling the consumer-driven economy by boosting their purchasing power, which will certainly support housing market activity in the coming months.”