The average rate for a 30-year fixed-rate mortgage stayed at 3.53% for the third consecutive week in Freddie Mac’s latest survey.
The average 15-year FRM rate, at 2.77%, also remained where it was the previous week.
“Mortgage rates remain near record lows and continue to support housing demand, translating into a pick-up in home prices in most markets,” Freddie Mac vice president and chief economist Frank Nothaft said in his weekly rate report.
The average rate for a five-year Treasury-indexed hybrid mortgage was up by one basis point during the most recent week at 2.64%. The average rate for a one-year Treasury-indexed adjustable-rate mortgage was 2.61%, an increase of eight basis points from a week ago.
Average points were as follows during the most recent week: 0.3 of a point for a one-year Treasury ARM, 0.6 of a point for a five-year Treasury hybrid and 0.8 of a point for a 15-year FRM or a 30-year FRM.
A year ago the average 30-year rate was 3.87%, the average 15-year rate was 3.16%, the average five-year Treasury hybrid rate was 2.82% and the average one-year Treasury ARM rate was 2.84%.