Shorter-term rates also were mixed compared to the previous week, with the average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage rising one basis point to 2.71% and the average one-year Treasury ARM rate dropping one basis point to 2.52%.
Freddie Mac chief economist and vice president Frank Nothaft in his weekly report attributed mixed-rate movements during the week to data released during the period showing stable inflation and relative strength in the home construction market.
Points on loans except one-year Treasury ARMs averaged 0.7 of a point. Points on one-year ARMs were on average 0.4 of a point.
All rates were lower than a year ago when 30-year FRMs averaged 3.91%, 15-year FRMs averaged 3.21%, five-year Treasury hybrids averaged 2.85% and one-year Treasury ARMs averaged 2.77%.
