On Thursday, mortgage buyer Freddie Mac said that the 30-year mortgage rate increased slightly to 3.90 percent this week from 3.88 percent last week.
The 30-year loan was 4.80 percent last year at this time, according to Freddie Mac.
The 15-year mortgage rose to 3.13 percent from 3.11 percent, compared with 4.02 percent a year ago.
Meanwhile, the average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage dropped to 2.78 percent from 2.85 percent last week.
Also, mortgage buyer Freddie Mac reported that the 1-year Treasury-indexed ARM increased to 2.81 percent from last week’s 2.80 percent, but it fell from 3.16 percent a year ago.
The average rate on the 30-year fixed mortgage stayed near its lowest level on record, keeping home-buying and refinancing affordable.No tags for this post.