Mortgages rate finally reversed course and slightly edged higher, the latest Freddie Mac Primary Mortgage Market Survey said.
The 30-year, fixed-rate mortgage averaged 3.66% for the week ended Jan. 29, up from last week’s 3.63%, but still down from 4.32% last year.
In addition, the 15-year, FRM marginally increased from 2.93% to 2.98%. In 2014, it averaged 3.40%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage came in at 2.86%, up from 2.83% a week prior. Last year, it averaged 3.12%.
The 1-year Treasury-indexed ARM escalated to 2.38% from 2.37% the week before. It averaged 2.55% a year ago.
“Mortgage rates ticked up this week for the first time in 2015 following positive home sales reports. New home sales surged 11.6% in December beating market expectations. Likewise, existing home sales rose 2.4% to an annual rate of 5.04 million homes in December,” said Len Kiefer, deputy chief economist with Freddie Mac.
Bankrate reported the similar results with the 30-year FRM averaging 3.80%, up from 3.81%.
The 15-year fixed increased to 3.18%, compared o 3.13 a last week, while the 5/1 ARM increased 3.19%, unchanged from last week.
“Mortgage rates remain at the lowest levels since May 2013, despite an improving U.S. economy. The economic sluggishness overseas and increased stimulus from other central banks around the globe have kept the Federal Reserve 'patient' about raising interest rates and helped bring both bond yields and mortgage rates lower,” analyst with Bankrate said.