Average mortgage rates changed little in the past week, Freddie Mac said Thursday, as the 30-year fixed rate rose slightly for the second straight week after a three-month stretch of record lows.
Rates have been slumping for some time as yields on Treasuries have slid as uncertainty grows about the economy. But they rebounded earlier this month for the benchmark 10-year note. Mortgage rates generally track yields, which move inversely to Treasury prices.
The 30-year fixed-rate mortgage averaged 4.37% for the week that ended Thursday, up from the prior week's 4.35% but down from 5.04% a year earlier.
To obtain the rate, the 30-year loan required payment of an average 0.7 point. A point is 1% of the mortgage amount, charged as prepaid interest.