U.S. mortgage rates edged slightly higher this week, according to Freddie Mac's weekly survey, released Thursday.
"Average mortgage rates were nearly unchanged during the past week, leaving rates above the levels of two weeks ago," Frank Nothaft, Freddie Mac's chief economist, said in a press release. "Reflecting the rate uptick from two weeks ago, the Mortgage Bankers Association reported that loan applications were down 23% last week."
The rate on the 30-year fixed-rate mortgage averaged 6.10% for the week that ended Oct. 2, up from last week's 6.09% average. The mortgage averaged 6.37% a year ago.
The 15-year fixed-rate mortgage averaged 5.78% this week, up from last week's 5.77% average. The mortgage averaged 6.03% a year ago.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 6.00%, down from last week's 6.02% average. The ARM averaged 6.11% year ago.
One-year Treasury-indexed ARMs averaged 5.12%, down from last week's 5.16% average. The ARM averaged 5.58% a year ago.
To obtain the rates, the 30- and 15-year fixed-rate mortgages, as well as the five-year ARM, required payment of an average 0.6% of the mortgage amount, charged as prepaid interest, while the one-year ARM required an average of half a point.
