Mortgage rates tick up slightly to 3.58% but still nearly one percentage point lower than a year ago

Although the average U.S. rate for a 30-year fixed mortgage rose this week, the rate still managed to hover near last week’s 3-year low.

The 30-year fixed-rate mortgage averaged 3.58% for the week ending August 29, 2019, up from last week’s rate of 3.55%. A year earlier, the rate was 4.52%

The 15-year FRM averaged 3.06% this week, slightly rising from last week’s 3.03%. This time last year, the 15-year FRM came in at 3.97%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.31%, sliding from last week’s rate of 3.33%. Once again, this rate sits much lower than the same week in 2018 when it averaged 3.85%.

Source- Marketwatch