Mortgage rates barely moved from the week prior amid mixed housing data, the latest Freddie Mac Primary Mortgage Market survey said.
The 30-year, fixed rate mortgage averaged 4.20% for the week ended Sept. 25, down from 4.23% last week and 4.32% a year ago.
The 15-year, FRM dropped to 3.36% from 3.37% a week prior. Last year, the 15-year, FRM averaged 3.37%,
Meanwhile, the 5-year Treasury-indexed hybrid adjustable rate-mortgage slightly increased to 3.08%, an increase from 3.06% last week. This is close to last year’s 3.07%.
The 1-year Treasury-indexed ARM remained unchanged at 2.43%. At this time last year, the 1-year ARM averaged 2.63%.
“Mortgage rates were slightly changed with the rate on the 30-year fixed mortgage down three basis points. Meanwhile, existing home sales dropped 1.8 percent in August to a seasonally-adjusted annual rate of 5.05 million. Sales of new single-family homes surged 18.0 percent in August to an annual pace of 504,000 units,” said Frank Nothaft, vice president and chief economist for Freddie Mac.
“Also, the Federal Housing Finance Agency reported house prices rose just 0.1 percent on a seasonally-adjusted basis in July, and were up 4.4 percent over the past year,” Nothaft said.
Bankrate reported that after three consecutive weeks, mortgage rates pulled backed slightly, with the 30-year, FRM sliding to 4.30%, down from 4.33% the previous week.
The 15-year, FRM was unchanged at 3.46%, while the 5/1 ARM came in at 3.32%, down from 3.35% a week ago.