All weekly average mortgage rates tracked by Freddie Mac increased a bit after being mixed to stable recently.
The average rate for 30-year fixed-rate mortgages during the week ending July 7 was 4.6%, up from 4.51% the previous week and 4.57% a year ago.
For 15-year FRMs, the average rate during the most recent week was 3.75% compared to 3.69% a week ago. A year ago it was 4.07%.
The average rate for a five-year hybrid Treasury-indexed adjustable-rate mortgage during the week ending July 7 was 3.3%, up from 3.22% the previous week but down from 3.75% a year ago.
The average one-year Treasury ARM rate during the most recent week was 3.01%, up from 2.97% a week ago. A year ago, it was 3.75%.
Average points during the week ending July 7 were 0.7 of a point for 30- and 15-year FRMs and 0.6 of a point for Treasury-indexed five-year hybrids and one-year ARMs.
Freddie Mac’s report by Freddie Mac vice president and chief economist Frank Nothaft suggests current rates, while rising, are still historically affordable. Someone with a 30-year FRM carrying the just-under 6% rate those loans had on average during the first quarter, for example, could still save themselves $169 per month by refinancing at today’s 30-year rate if they had a $200,000 loan.
