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Fixed rates edge up, ARMs surge


Longer-term fixed mortgage rates moved up slightly after trending down in recent weeks, while adjustable rates continued to surge, Freddie Mac reported.

As of Thursday, the 30-year fixed rate increased one basis point to 4.46 percent, Freddie reported. A year ago, the 30-year fixed rate averaged 4.22 percent.

The 15-year fixed rate was also up a single basis point to 3.89 percent, but five-year adjustable rate mortgages (ARMS) jumped up for the second consecutive week, rising six basis points to 3.96 percent.

Adjustable rates have generally trended lower than the 15-year fixed rate, but last week the 5-year adjustable rate averaged higher. Through Thursday, the spread between the two rates widened to seven basis points. 


 

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