Mortgage rates held steady this week as the average rate for a 30-year fixed-rate mortgage stayed pinned at a record low of 2.71%, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS).
That’s down from 3.73% a year ago.
The average rate for a 15-year fixed-rate mortgage was 2.26%, unchanged from last week but down from 3.19% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.79%, down from 2.86% last week and down from 3.36% a year ago.
“Mortgage rates remain at record lows, resisting their typical correlation to Treasury yields, which have recently been moving higher,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Mortgage spreads – the difference between mortgage rates and the 10-year Treasury rate – are declining from their elevated levels earlier this year. Although today’s mortgage spread is about 1.8 percentage points and still has some room to move down if the 10-year Treasury continues to rise, it’s encouraging to see that the spread is almost back to normal levels.”