WASHINGTON (2/20/15)--Average mortgage rates edged up for the second consecutive week this week, according to Freddie Mac's Primary Mortgage Market Survey.
The average 30-year fixed-rate mortgage rate climbed 0.06% to 3.76% for the week ending Thursday, up from 3.69% the prior week. Annually, mortgage rates have fallen from 4.33%.
For 15-year fixed-rate mortgages, the rate averaged 3.05% for the week, up from 2.99% a week ago. The rate has fallen 0.3% year-over-year.
"Mortgage rates rose for the second consecutive week as 10-year Treasury yields surged," said Len Kiefer, Freddie Mac deputy chief economist. "Housing starts declined 2% to a seasonally adjusted pace of 1.065 million and housing permits dipped 0.7% in January."
Kiefer added, however, that analysts are still confident sales will rebound despite a small step back in homebuilder sentiment in this week's National Association of Home Builders housing market index.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) rate was unchanged for the week at 2.97%. The rate sits below the 3.08% seen at this time last year.
The one-year Treasury-indexed ARM averaged 2.45%, rising 0.4% from last week. Last year at this time the rate averaged 2.57%.