Mortgage rates inched up slightly but remained near historic lows during the week ended Sept. 1, according to Freddie Mac’s Primary Mortgage Market Survey.
The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.46%, up from 3.43% the previous week. A year ago at this time, the 30-year FRM averaged 3.89%.
The average rate for a 15-year FRM was 2.77%, up from 2.74%. A year ago at this time, the 15-year FRM averaged 3.09%.
The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 2.83%, up from 2.75%. A year ago, the five-year ARM averaged 2.90%.
“The 10-year Treasury yield inched up in response to Fed Chair Janet Yellen’s speech last Friday then settled near last week’s average,” said Sean Becketti, chief economist for Freddie Mac, in a release. “The 30-year, fixed-rate mortgage rose three basis points to 3.46 percent. Mortgage rates have hovered between 3.41 and 3.48 percent for the past 10 weeks.”