Average 30-Year Survey Rate Rises, but Not Too Far from Its Record Low
The average rate for a 30-year fixed-rate mortgage in Freddie Mac’s weekly survey climbed by four basis points to 3.42%, which is a high not seen since the week ending Sept. 29, 2012, but still not far from its record low.
Also during the week ending Jan. 24, the average 15-year FRM rate rose by five basis points from the previous week to 2.71%. The average rates for five-year Treasury-indexed adjustable-rate mortgages and one-year Treasury ARMs both remained stable at 2.67% and 2.57%, respectively.
Average points were as follows: 0.5 of a point for five-year Treasury ARM and one-year Treasury ARM products, and 0.7 of a point for fixed-rate mortgages in Freddie’s survey.
The average 30-year rate is still 56 basis points lower than a year ago and the average 15-year rate is 53 basis points lower than it was at that time. But the average five-year hybrid Treasury rate is just 18 basis points lower than 12 months ago and the average one-year Treasury ARM rate is only 17 basis points lower.
Freddie Mac vice president and chief economist Frank Nothaft said in his weekly rate report that despite the slight rise in fixed mortgage rates during the most recent week, they are still low enough to be attractive to borrowers and spur housing activity.