The 15-year fixed-rate mortgage also rose one basis point to 2.17% week over week. It was 2.46% a year ago. Meanwhile, the 5-year Treasury-indexed hybrid adjustable-rate mortgage dropped slightly from last week’s 2.43% to 2.42% and was down from 2.91% a year ago.
“Overall, rates continue to be low, with a window of opportunity for those who did not refinance under 3%,” Khater said. “From a homebuyer perspective, purchase application demand is improving, but the major obstacle to higher home sales remains very low inventory for consumers to purchase.”