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Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) showing that average fixed-rate mortgages (FRMs) reversing course from the first weeks of the year to tick up slightly. The 30-year FRM averaged 3.66 percent with an average 0.6 point for the week ending Jan. 29, 2015, up from last week when it averaged 3.63 percent. A year ago at this time, the 30-year FRM averaged 4.32 percent. Also last week, the 15-year FRM averaged 2.98 percent with an average 0.5 point, up from last week when it averaged 2.93 percent. A year ago at this time, the 15-year FRM averaged 3.40 percent.
"Mortgage rates ticked up this week for the first time in 2015 following positive home sales reports," said Len Kiefer, deputy chief economist, Freddie Mac. "New home sales surged 11.6 percent in December beating market expectations. Likewise, existing home sales rose 2.4 percent to an annual rate of 5.04 million homes in December."
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.86 percent this week with an average 0.4 point, up from last week when it averaged 2.83 percent. A year ago, the five-year ARM averaged 3.12 percent. The one-year Treasury-indexed ARM averaged 2.38 percent this week with an average 0.4 point, up from last week when it averaged 2.37 percent. At this time last year, the one-year ARM averaged 2.55 percent.