Sunday
December 21, 2014

Mortgage Rates Mostly Hold Steady This Week

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Mortgage Rates Mostly Hold Steady This Week

Mortgage rates mostly remained unchanged this week, continuing a monthlong track of keeping at their historical lows, Freddie Mac reports in its weekly mortgage market survey.

"Mortgage rates have been relatively stable, hovering near record lows, for the past four weeks, which is helping to spur new home construction,” says Frank Nothaft, Freddie Mac’s chief economist.

Here’s a closer look at national averages for mortgage rates for the week ending Feb. 21, according to Freddie Mac:

  • 30-year fixed-rate mortgages: inched up to a 3.56 average this week, with an average 0.8 point, up from last week’s 3.53 percent. A year ago at this time, 30-year rates averaged 3.95 percent. 
  • 15-year fixed-rate mortgages: remained unchanged this week at 2.77 percent, with an average 0.8 point. Last year at this time, 15-year rates averaged 3.19 percent. 
  • 5-year adjustable-rate mortgages: averaged 2.64 percent, with an average 0.5 point, also holding the same as last week. Last year at this time, 5-year ARMs averaged 2.80 percent. 
  • 1-year ARMs: averaged 2.65 percent, with an average 0.4 point, up slightly from last week’s 2.61 percent average. Last year at this time, 1-year ARMs averaged 2.73 percent. 

Source: Freddie Mac