Mortgage rates increased for the first time in 2015 during the week ended Jan. 29, according to Freddie Mac's Primary Mortgage Market Survey.
The average rate for a 30-year fixed-rate mortgage (FRM) was 3.66%, up from 3.63% the week before. A year ago at this time, the 30-year FRM averaged 4.32%.
The average rate for a 15-year FRM was 2.98%, up from 2.93% a week prior. A year ago at this time, the 15-year FRM averaged 3.40%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.86%, up from 2.83%. A year ago, the five-year ARM averaged 3.12%.
The average rate for a one-year Treasury-indexed ARM was 2.38%, up slightly from 2.37% the previous week. At this time last year, the one-year ARM averaged 2.55%.
All rates are based on closings and are derived primarily from mortgage information flowing through Freddie Mac's software platforms.
‘Mortgage rates ticked up this week for the first time in 2015, following positive home sales reports,’ says Len Kiefer, deputy chief economist for Freddie Mac, in a release. ‘New home sales surged 11.6 percent in December, beating market expectations. Likewise, existing-home sales rose 2.4 percent to an annual rate of 5.04 million homes in December.’