Amid mixed signals that inflation is holding steady, average weekly mortgage rates hardly changed from the prior week.
The Freddie Mac survey showed the 30-year, fixed-rate mortgage averaged 3.9% for the week ending Thursday, inching up from the prior week's average of 3.88%. Last year at this time, the 30-year FRM averaged 4.87%.
The 15-year FRM, a popular refinancing choice, averaged 3.13%, slightly rising from last week when it averaged 3.11%. A year ago, the average rate for a 15-year FRM was 4.1%.
Five-year, Treasury-indexed hybrid adjustable-rate mortgages averaged 2.78%, down from 2.85% the prior week and down from 2.85% a year earlier.
And one-year, Treasury-indexed ARMs averaged 2.81%, nearly unchanged from last week when it averaged 2.80% and down from 3.22% last year.
“Fixed mortgage rates held relatively stable this week amid signs that inflation remains in check,” said Frank Nothaft, Freddie Mac chief economist. “Industrial production was flat in March, a reading below the market consensus forecast. Meanwhile, both headline inflation gauges (the consumer and producer price indexes) for March were in line with market expectations.”
Home loan analytics firm Bankrate, which surveys large banks, reported the 30-year FRM stepped up to 4.10% from 4.09%, while the 15-year FRM stayed at 3.32%. The 5/1 ARM rose to 3.05% from 3.03%.