Mortgage rates rose for the first time in 2017 during the week ended Jan. 26, with the average rate for a 30-year, fixed-rate mortgage (FRM) at 4.19% compared with 4.09% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the 30-year FRM averaged 3.79%.
The average rate for a 15-year FRM was 3.40%, up from 3.34% the previous week. A year ago at this time, the 15-year FRM averaged 3.07%.
The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 3.20%, slightly down from 3.21%. A year ago, the five-year ARM averaged 2.90%.
“The 10-year Treasury yield increased more than 10 basis points this week. The 30-year mortgage rate moved up, as well, to 4.19 percent, a 10-basis-point jump. This week marks the first increase in the mortgage rate since Dec. 29,” says Sean Becketti, chief economist for Freddie Mac.
“The 2.8 percent decline in existing-home sales in December is a reminder of the lack of homes for sale. According to the National Association of Realtors, supply is at its lowest level since 1999 – a factor that should support higher house prices regardless of the oscillations of the mortgage rate,” he adds.