The national average for the 30-year fixed-rate mortgage (FRM) is 3.73% with an average 0.5 point, higher than the previous week’s average of 3.68%. Last year at this time the 30 year was at a 3.78% average.
Freddie said the 15 year mortgage averaged at 2.99% with an average 0.4 point, up from last week when it averaged 2.96%. A year ago at this time, the 15 year fixed mortgage was at 3.06%.
The 5 year adjustable-rate mortgage (ARM) averaged 2.9% this week with an average 0.5 point, higher that the previous week’s average of 2.92%. Last year at this time it averaged 2.97%.
The chief economist at Freddie Mac, Sean Becketti, had this to say about the survey:
“Treasury yields increased heading into this week’s FOMC meeting, partially in response to modestly higher inflation readings. 30-year mortgage rates kept pace, rising 5 basis points to 3.73 percent. Nonetheless, at the meeting the Fed confirmed what the market had already concluded and made no change to the Federal funds target. The Fed went further and acknowledged that economic signals have been mixed and that the pace of monetary tightening may be slower than had been assumed at the end of 2015.”