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Mortgage rates have been trending lower for most of 2016 thanks to a tumultuous market, but Freddie Mac's latest Primary Mortgage Market Survey is showing a turn for the better.
The 30-year fixed-rate mortgage rose from 3.62% to 3.64% for the week ending March 3. A year ago that rate averaged 3.75%. The 15-year FRM also increased from last week, climbing from 2.93% to 2.94%, HousingWire reports.
The five-year Treasury-indexed hybrid adjustable-rate mortgage received a bump as well, averaging 2.84%, up from an average of 2.79% last week. It averaged 2.96% the same time last year.
The turn of events can be credited to less market turbulence, which had been affecting mortgage rates in the beginning of this year.
Early 2016 saw Treasury yields hit new lows, but they're bouncing back, approaching their highest level in a month, and giving the 30-year mortgage a bump of two basis points this week to 3.64%.
Fed officials are still cautious and the market doesn't expect to see more short-term rate increases anytime soon. [HW]
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