Mortgage rates stayed near their 2014 lows despite rising slightly, according to the Freddie Mac Primary Mortgage Market Survey released Wednesday.
The interest rate rises came following a week of mixed economic releases, Freddie Macs vice president and chief economist Frank Nothaft said in a press release. Existing home sales were down 6.1% in November to annual rate of 4.93 million units, below economists’ expectations.New home sales fell 1.6% last month to an annual rate of 438,000, also below expectations.
The average rate for the conforming 30-year fixed-rate mortgage was 3.83%, up slightly from the week before, when rates were three basis points lower, but down 61 basis points in year-over-year comparison.
Meanwhile, 15-year fixed rates were averaged 3.1%, up one basis point from the week before and 42 basis points below the its rate the same time last year.
For the adjustable rate products tracked by Freddie Mac, the 5-year Treasury-indexed hybrid loan averaged 3.01% for the week, up six basis points from the week before, while the1-year Treasury-indexed mortgage averaged 2.39%, up one basis point from the week before.