Thirty-Year Rate Tops 3.5%
Freddie Mac’s latest weekly survey finds the 30-year rate rising above 3.5% for the first time since Sept. 13, 2012. But it is still not too far from the all-time record low set the week of Nov. 21, 2012, when it averaged 3.31%.
The 30-year rate averaged 3.53% with an average 0.7 of a point during the week ending Jan. 31, up 11 basis points from the previous week. A year ago, the 30-year rate for a fixed-rate mortgage averaged 3.87%.
The 15-year FRM during the most recent week averaged 2.81% with an average 0.7 of a point, up 10 basis points from a week ago. A year ago, the 15-year FRM averaged 3.14%.
The average rate for a five-year Treasury-indexed hybrid came in at 2.7% and 0.6 of a point during the week ending Jan. 31, up from last week when it averaged 2.67%. A year ago, the five-year hybrid averaged 2.8%.
During the most recent week, the average rate for a one-year Treasury-indexed adjustable-rate mortgage was 2.59%, up from last week when it averaged 2.57%. At this time last year, the one-year ARM averaged 2.76%.