The 30- and 15-year FRMs inched up slightly
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.”