Driven by investor uncertainty, mortgage interest rates have moved by two basis points or less for four consecutive weeks, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 4.16% for the week ending Feb. 23, up from last week when it averaged 4.15%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.62%.
“In a short week following Presidents’ Day, the 10-year Treasury yield fell about 8 basis points. However, the 30-year mortgage rate rose 1 basis point. This week’s survey once again displays the disconnect between mortgage rates and Treasury yields, a result of continued uncertainty,” said Sean Becketti, chief economist at Freddie Mac.
The 15-year fixed-rate mortgage averaged 3.37%, up from last week when it averaged 3.35%. A year ago at this time, the 15-year averaged 2.93%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.16%, down from last week when it averaged 3.18%, while a year ago it averaged 2.79%.