Mortgage Rates Climb A Little Bit

Positive Covid-19 vaccine news drove mortgage rates up ever so slightly this week, but they remained near historically low levels, Freddie Mac announced Thursday in its weekly Primary Mortgage Market Survey.

The survey found:

• The 30-year fixed-rate mortgage averaged 2.84 percent with an average 0.7 point, up from last week’s 2.78 percent and last year’s 3.75 percent.
• The 15-year fixed-rate mortgage averaged 2.34 percent with an average 0.6 point, up from last week’s 2.32 percent and last year’s 3.20 percent.
• The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.11 percent with an average 0.4 point, up from last week’s 2.89 percent and last year’s 3.44 percent.

“Mortgage rates jumped this week as a result of positive news about a Covid-19 vaccine,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite this rise, mortgage rates remain about a percentage point below a year ago and the low rate environment is supportive of both purchase and refinance demand. Heading into late fall, the housing market continues to grow and buttress the economy.”