The 30-year mortgage rises two basis points from last week
Mortgage rates have stabilized over the past few weeks despite the increased volatility in the market.
Data from Freddie Mac's Primary Mortgage Market Survey showed an uptick in the 30-year fixed-rate mortgage, averaging 3.33% Thursday. The 30-year FRM was up slightly from 3.31% a week ago and was below last year's average of 4.2%.
The 15-year fixed-rate mortgage increased six basis points to an average of 2.86% this week. At this time in 2019, the 15-year FRM averaged 3.64%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage dipped from 3.34% to 3.28%. A year ago at this time, the 5-year ARM was 3.77%.
“Mortgage rates have stabilized over the last few weeks as the market searches for direction in the fog of economic data,” said Sam Khater, chief economist at Freddie Mac. “While financial markets initially rallied on the news of Federal Reserve support and are improving due to the Senate’s passage of a new small business stimulus, we continue to see a deep economic contraction amidst uncertainty about the recovery formation.”
