Mortgage interest rates increased for the third consecutive weak as strong housing data supported the market, according to Freddie Mac.
The average rate for a 30-year fixed-rate mortgage rose to 3.8% from last weeks average rate of 3.76%. The upward movement was attributed to positive results for both home sales and housing prices, according to Freddie Mac deputy chief economist Len Kiefer.
“New home salesbeat market expectations at an annual pace of 481,000 units, down slightly from 482,000 units in December, but up 5.3% from a year ago,” Kiefer said in a Feb. 26 press release.
This time last year the average rate for a 30-year FRM was 4.37%.
The average rate for a 15-year FRM ticked up two basis points to 3.07%, and the five-year Treasury-indexed adjustable-rate mortgage also increased by two basis points to 2.99%.
Mortgage rates did not increase across the board, however. The average rate for a one-year Treasury-indexed ARM fell by one basis point to 2.44%.