Mortgage Rates Up, According to Freddie

There was a two basis point increase in the average rate for the 30-year fixed-rate mortgage over the previous week, according to the Freddie Mac Primary Mortgage Market Survey for the week ended Aug. 27. The current rate of 5.14% with an average of 0.7 points is still well below the average rate of 6.4% for this week one year ago. The 15-year FRM had a similar increase to the 30-year FRM as this week it averaged 4.58% with an average of 0.7 points, up from last week when it averaged 4.56%. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.67% this week, with an average of 0.6 points, down from last week when it averaged 4.57%. One-year Treasury-indexed ARMs averaged 4.69% this week with an average of 0.6 points, unchanged from last week. "Long-term mortgage rates were barely changed this week, remaining historically low, which is helping to sustain a high level of affordability in the home-purchase market," said Frank Nothaft, Freddie Mac vice president and chief economist.