Mortgage This Week

In absence of any big economic news the mortgage rate drifted slightly upward this week.

According to Freddie Mac's weekly survey, the average for the 30-year fixed mortgage edged up to 6.24% from 6.23% last week. The average for the 15-year fixed mortgage, a popular refinancing choice, also increased to 5.83% from 5.81% last week. One year ago the 30-year mortgage averaged 5.57% while the 15-year rate was at 5.1%.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.89% this week versus 5.87% a week ago. A year ago, the 5-year ARM averaged 4.99%. One-year Treasury-indexed ARMs averaged 5.34%, up from 5.33%. A year ago the loan averaged 4.11%. As we indicated many times, the days of ARM seem to be over and it has started losing its popularity in refinancing market.