Mortgage rates were up slightly from the previous week, according to the latest report from Freddie Mac.
The 30 year fixed mortgage for the week ending February 23, 2017 averaged 4.16% with an average 0.5 point, higher than the previous week’s average of 4.15%. Last year, the 30 year average was 3.62% for the same time period last year.
Average rates for the 15-year mortgage was at 3.37%, an increase from last week when it averaged 3.35%. A year ago at this time, the 15-year FRM averaged 2.93%.
5-year adjustable-rate mortgage (ARM) average rates were at 3.16%, with an average 0.4 point, lower than last week when it averaged 3.18%. A year ago, the 5-year ARM averaged 2.79%.
Sean Becketti, Freddie Mac’s chief economist had issued this statement:
“In a short week following Presidents Day, the 10-year Treasury yield fell about 8 basis points. However, the 30-year mortgage rate rose 1 basis point to 4.16 percent. This week’s survey once again displays the disconnect between mortgage rates and Treasury yields, a result of continued uncertainty.”
Here are today’s rates from some of the top lenders.
Bank of America is reporting the 30-year fixed mortgage is 4.25%, and the 15-year mortgage is 3.50%. The 10/1 ARM is 3.375% and the 5/1 ARM is 2.875%.
Wells Fargo’s 30-year fixed is 4.25%, and the 15-year fixed is 3.50%. The 30-year refinance rate is 4.375%, and the 15-year mortgage is 3.625%.
Over at Chase mortgage, the 30-year fixed purchase mortgage rate is 4.125%, and the 15-year is at 3.375%. 30-year fixed mortgage refinance rates are at 4.125%, and the 15-year fixed is at 3.375%.
The rates quoted above can change at any time and are not guaranteed. If you would like a live rate quote and/or if you have questions about what home loan is best for you, please call me, Erik Sandstrom, at 1-800-779-4547; or email me at Erik.Sandstrom@BancHomeLoans.com.
You can also search online for the latest rate quotes using the widget below.