Mortgage rates held steady this week, with the average rate for a 30-year fixed rate mortgage (FRM) at 4.19%, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the 30-year FRM averaged 3.72%.
As of the week ended Feb. 2, the average rate for a 15-year FRM was 3.41%, up from 3.40% the previous week. A year ago at this time, the 15-year FRM averaged 3.01%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.23%, up from 3.20%. A year ago, the five-year ARM averaged 2.85%.
“The 10-year Treasury yield fell five basis points this week following a tepid advance estimate of fourth-quarter GDP and the Fed’s decision to leave rates unchanged,” says Sean Becketti, chief economist for Freddie Mac, in a release. “The 30-year mortgage rate remained flat at 4.19 percent, starting the month 47 basis points higher than this time last year. Despite the uncertainty in the market, the pending home sales index increased 1.6 percent in December, up from a decline of 2.5 percent the month prior.”