For the fourth straight week, the averages on fixed-rate mortgages edged higher, Freddie Mac reports in its weekly Mortgage Market Survey.
“Mortgage rates edged up, with new-home sales exceeding expectations and rising to a seasonally adjusted pace of 468,000 units in January, the strongest annual rate since July 2008,” notes Frank Nothaft, Freddie Mac’s chief economist.
Freddie reported the following national averages for the week ending Feb. 27:
- 30-year fixed-rate mortgages: averaged 4.37 percent, rising from last week’s 4.33 percent average. A year ago at this time, 30-year fixed-rate mortgages averaged 3.51 percent.
- 15-year fixed-rate mortgages: averaged 3.39 percent, up from last week’s 3.35 percent average. Last year at this time, 15-year rates averaged 2.76 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.05 percent, dropping from last week’s 3.08 percent average. A year ago, 5-year ARMs averaged 2.61 percent.
Source: Freddie Mac