WASHINGTON–The average rate on the 30-year mortgage was relatively steady last week, after rising from one week earlier.
According to Freddie Mac:
- The 30-year fixed-rate mortgage (FRM) averaged 4.19% with an average 0.5 point for the week ending Feb. 2, 2017, unchanged from one week earlier. A year ago at the same time, the 30-year FRM averaged 3.72%.
- The 15-year FRM this week averaged 3.41% with an average 0.5 point, up from one week earlier when it averaged 3.40%. A year ago at this time, the 15-year FRM averaged 3.01%.
- The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.23% this week with an average 0.4 point, up from one week earlier when it averaged 3.20%. One year earlier the 5-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,” said Sean Becketti, chief economist, Freddie Mac. “The 30-year mortgage rate remained flat at 4.19%, 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% in December, up from a decline of 2.5% the month prior.”