The average rate for a 30-year fixed-rate mortgage dropped slightly to 5% with 0.7 of a point during the week ending Feb. 17 from 5.05% the previous week, according to Freddie Mac.
The 10-year Treasury yield that most see as a rough indicator of long-term rate direction at press time late Thursday morning was trending lower, somewhat closer to 3.50% (specifically, about 3.56%) compared to levels above 3.60% (as high as approximately 3.66%) in the past week.
Compared to a year ago, the most recent weekly Freddie Mac 30-year mortgage rate average is up slightly. (A year ago it was 4.93%.)
The average rate for a 15-year FRM also inched down, dropping to 4.27% with 0.7 of a point from 4.29% week-to-week. This is slightly lower than 4.33% a year ago.
For five-year hybrid, Treasury-indexed adjustable-rate mortgages the most recent week’s average (3.82% with 0.6 of a point) is a smidge lower than 3.92% the previous week and also down from 4.12% a year ago.
The average one-year Treasury ARM rate during the week ending Feb. 17 rose just a bit to 3.39% with 0.6 of a point from 3.35% the previous week but it was lower than the 4.23% rate seen a year ago.
