The average rate for a 30-year fixed-rate mortgage inched up a little in Freddie Mac’s latest survey, but other rates in the weekly report were mixed.
The average 30-year rate was 4.74% with an average 0.8 point during the week ending Jan. 20, up from 4.71% the previous week but still down from 4.99% a year ago.
The average 15-year rate during the latest week was 4.05% with an average 0.8 point, down from 4.08% the previous week and from 4.40% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage was 3.69% with an average 0.7 point in the most recent week, down from 3.72% the previous week and from 4.27% a year ago.
The average one-year Treasury ARM rate was 3.25% with an average 0.6 point, up from 3.23% the previous week but down from 4.32% a year ago.
Frank Nothaft, Freddie’s vice president and chief economist, attributed the mixed rates during the Jan. 20 week that contained the Martin Luther King Jr. holiday to tame inflation reports, specifically the December core producer price index and the consumer price index. Both matched market consensus and the core consumer price index, in registering a 0.8% increase, marked the smallest yearly increase since records began in 1958, he noted.
