Mortgage rates increased slightly this week but remained under 3 percent for the sixth straight week, Freddie Mac announced Thursday in its Primary Mortgage Market Survey.
The survey found:
The 30-year fixed-rate mortgage averaged 2.93 percent with an average 0.8 point for the week ending September 3, up from last week’s 2.91 percent and down from 3.49 percent at this time last year.
The 15-year fixed-rate mortgage averaged 2.42 percent with an average 0.8 point, down from last week’s 2.46 percent and last year’s 3.00 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.93 percent with an average 0.2 point, up from last week’s 2.91 percent and last year’s 3.30 percent.
“Mortgage rates have remained effectively flat or at near record lows for the last month,” said Sam Khater, Freddie Mac’s Chief Economist. “However, there are some interesting compositional shifts as the 10-year Treasury rate has increased modestly over the past month while mortgage spreads have declined. Spreads may decline even further but the rise in Treasury rates will make it difficult for mortgage rates to fall much more over the next few weeks.”