The 30-year fixed-rate mortgage (FRM) averaged 5.38 percent this week, according to Freddie Mac. It fell from last week’s 5.59 percent. Last year at this time, the 30-year FRM averaged 6.42 percent.
The 15-year FRM this week averaged 4.89 percent, down from last week’s 5.06 percent. A year ago at this time, the 15-year FRM averaged 6.02 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs)were 4.97 percent this week, down from 5.17 percent last week and 5.89 percent last year.
One-year Treasury-indexed ARMs averaged 4.95 percent in comparison with 5.04 percent last week and 5.19 percent a year ago.
“Reports of benign inflation figures reversed the upward trend of mortgage rates this week,” said Frank Nothaft, Freddie Mac vice president and chief economist. Continue reading