Another week, another increase in mortgage rates.
For the fifth week in a row, the 30-year fixed-rate mortgage saw an increase in Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday. The survey found:
- The 30-year fixed-rate mortgage averaged 3.09 percent with an average 0.7 point for the week, up from last week’s 3.05 percent and down from last year’s 3.65 percent.
- The 15-year fixed-rate mortgage averaged 2.40 percent with an average 0.7 point, up from last week’s 2.38 percent and down from last year’s 3.06 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.79 percent with an average 0.3 point, up from last week’s 2.77 percent and down from last year’s 3.11 percent.
“As expected, mortgage rates continued to inch up but are still hovering around three percent, keeping interested buyers in the market,” said Sam Khater, Freddie Mac’s Chief Economist. “However, residential construction has declined for two consecutive months and given the very low inventory environment, competition among potential homebuyers is a challenging reality, especially for first-time homebuyers.”