Mortgage rates were mostly unchanged the latest week, with the average rate on 30-year fixed-rate mortgages edging slightly upward, according to Freddie Mac's (FMCC) weekly survey of mortgage rates.
Rates had risen earlier this year, hitting their highest level since April last month. They had slumped most of last year as Treasurys had declined amid economic uncertainty. The rates generally track the yields, which move inversely to Treasury prices.
"Interest rates for 30-year fixed-rate mortgages have averaged at or below 5% in every week but one this year, contributing to record home affordability," said Freddie
Chief Economist Frank Nothaft.
The 30-year fixed-rate mortgage averaged 4.88% for the week ended Thursday, up slightly from the prior week's 4.87% average but down from 4.95% a year ago. Rates on 15-year fixed-rate mortgages were 4.15%, flat with the week earlier and down from a year-earlier 4.32%.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.73%, up from the prior week's 3.72% but down from 4.05% a year earlier. One-year Treasury-indexed ARMs were 3.21%, down from 3.23% and 4.22%, respectively.
To obtain the rates, the fixed-rate mortgages required payment of an average 0.7 point, the five-year adjustable required an average 0.6 point and the one-year required an average 0.5 point. A point is 1% of the mortgage amount, charged as prepaid interest.
Rates had risen earlier this year, hitting their highest level since April last month. They had slumped most of last year as Treasurys had declined amid economic uncertainty. The rates generally track the yields, which move inversely to Treasury prices.
"Interest rates for 30-year fixed-rate mortgages have averaged at or below 5% in every week but one this year, contributing to record home affordability," said Freddie
Chief Economist Frank Nothaft.
The 30-year fixed-rate mortgage averaged 4.88% for the week ended Thursday, up slightly from the prior week's 4.87% average but down from 4.95% a year ago. Rates on 15-year fixed-rate mortgages were 4.15%, flat with the week earlier and down from a year-earlier 4.32%.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.73%, up from the prior week's 3.72% but down from 4.05% a year earlier. One-year Treasury-indexed ARMs were 3.21%, down from 3.23% and 4.22%, respectively.
To obtain the rates, the fixed-rate mortgages required payment of an average 0.7 point, the five-year adjustable required an average 0.6 point and the one-year required an average 0.5 point. A point is 1% of the mortgage amount, charged as prepaid interest.
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