The 30-year FRM (fixed-rate mortgage) was 4.40 percent, with an average 0.7 point, the week ending Aug. 15, according to Freddie Mac’s weekly Primary Mortgage Market Survey.
The 30-year FRM was unchanged from last week. It was 3.62 percent a year ago.
Meanwhile, the average interest rate on the 15-year FRM was 3.44 percent with an average 0.6 point, up from 3.43 percent last week. A year ago, the 15-year FRM averaged 2.88 percent.
“Fixed mortgage rates have been bouncing around over the past few weeks on market speculation that the Fed will taper some of its monetary stimulus,” says Frank Nothaft, vice president and chief economist of Freddie Mac.
For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 3.23 percent, with an average 0.5 point, up from last week’s 3.19 percent. A year ago, the 5-year ARM was 2.76 percent.
Finally, for the week ending Aug 15, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.67 percent, with an average 0.4 point, up from 2.62 percent last week, and down from 2.69 percent a year ago.