In its weekly Primary Mortgage Market Survey, home lending giant Freddie Mac reported that mortgage rates for fixed-rate loans have pulled back a little following five weeks of increases.
The interest rate on a 30-year fixed-rate mortgage fell from a prior week average of 4.58% to 4.51%, still well above the rate of 3.59% in the same week a year ago.
One year ago the 15-year fixed-rate mortgage rate stood at 2.86%. That rate also fell this week, from 3.5% last week to 3.39%.
The interest rate on a 5-year Treasury hybrid adjustable-rate mortgage loan rose from 3.21% a week ago to 3.24%, and is up from 2.78% in the same week a year ago. The 1-year Treasury-indexed adjustable-rate mortgage loan interest rate also slid, from 2.67% in the prior week to 2.64%. The 1-year rate averaged 2.63% a year ago.
According to Wednesday’s data from the Mortgage Bankers Association, new loan applications slipped 2.5% last week, as refinancings fell to 60% of all applications. Rising housing prices, low inventory, and rising mortgage loan rates are conspiring to keep the housing market recovery at a slow, but steady pace.