Rates remain low as refinance applications continue to rise
The 30-year fixed-rate mortgage (FRM) rose to 3.36% after hitting a record low a week ago, according to the Freddie Mac Primary Mortgage Market Survey.
The 30-year FRM went up seven basis points from the week prior, when it averaged 3.29%. Year over year, the 30-year FRM was down from 4.31%.
“As refinance applications continue to surge, and lenders work to manage capacity, the 30-year fixed-rate mortgage ticked up from last week’s all-time low,” said Sam Khater, chief economist at Freddie Mac. “Mortgage rates remain at extraordinary levels, and many homeowners are smartly weighing their options to refinance, potentially saving themselves money.”
The 15-year fixed-rate mortgage saw a slight decline from a week ago, down from 2.79% to 2.77%. Last year at this time, the 15-year FRM was 3.76%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) also posted a drop, declining from 3.18% to 3.01%. Last year at this time, the 5-year ARM was 3.84%.
