By Kimberly Chin
Average home mortgage interest rates were flat over the past week, according to state mortgage lender Freddie Mac.
The average 30-year fixed-rate mortgage had an interest rate of 3.11% for the week ended Thursday, which was roughly unchanged from a week earlier, according to Freddie Mac’s survey. A year ago the rate was 2.71%.
Fifteen-year mortgages averaged 2.39%, slightly lower than last week’s 2.42%. Last year, the 15-year mortgage averaged 2.26% at this point.
The interest rate on five-year Treasury-indexed hybrid adjustable rate mortgages, or ARMs, averaged 2.49% last week, down from 2.47% the previous week. The 5-year ARM averaged 2.86% in the previous year.
“The constancy of interest rates in the face of changes in the economy is primarily due to the development of the pandemic, which is ongoing and continues to create uncertainty,” said Freddie Mac chief economist Sam Khater in prepared remarks, adding that the environment is low in mortgage rates Refinancing seekers cheap.
Write to Kimberly Chin at [email protected]