Mortgage rates up, but same as a year ago

Mortgage rates rose this week but essentially are back to where they started a year ago.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 3.95 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.90 percent a week ago and 3.94 percent a year ago.

It was the highest the 30-year fixed rate has been since July.

The 15-year fixed-rate average grew to 3.31 percent with an average 0.5 point. It was 3.24 percent a week ago and 3.14 percent a year ago. The 15-year fixed rate hasn’t been this high since April. The fiveyear adjustable rate average slipped to 3.21 percent with an average 0.4 point. It was 3.22 percent a week ago and 3.07 percent a year ago.

“Additional developments surrounding the (Trump) administration’s tax reform plan pushed rates lower at the beginning of the week, but this was effectively offset by news of stronger economic growth in Europe,” said Joel Kan, an economist with the Mortgage Bankers Association.

A year ago, mortgage rates soared after Donald Trump was elected president. The 30-year fixed rate jumped to 3.94 percent from 3.57 percent. The 15-year fixed rate soared to 3.14 percent from 2.88 percent. And the five-year arm climbed to 3.07 percent from 2.88 percent. Twelve months later, fixed home loan rates are pretty much back to where they were.

Bankrate.com, which puts out a weekly mortgage rate trend index, found that half of the experts it surveyed say rates will remain relatively stable in the coming week.