After weeks of moderate increases, mortgage rates continued to creep forward this week, according to the latest Freddie Mac Primary Mortgage Market Survey.
According to the survey, the 30-year fixed-rate mortgage averaged 4.46% for the week ending Jan. 31, 2019, slightly increasing from last week’s percentage. To no surprise, this is significantly higher than last year’s rate of 4.22%.
“Purchase applications were down this week after soaring early in the year,” Freddie Mac Chief Economist Sam Khater said. “However, softening house price appreciation along with increasing inventory of homes on the market – and historically low mortgage rates – should give a boost to the spring homebuying season.”
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The 15-year FRM averaged 3.89% this week, inching up from last week’s 3.88%. Notably, this time last year, the 15-year FRM was 3.68%.
Lastly, the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.96%, rising from 3.90% the week before. Once again, the rate remains higher than this time in 2018 when it averaged 3.53%.
