The average rate for a conforming 30-year mortgage ticked up from 4.28 to 4.33 percent over the past week and is now within 25 basis points of the two-year high of 4.58 percent recorded this past August, one percentage point and change above the all-time low of 3.31 percent recorded in November 2012.
The average 30-year fixed mortgage rate was 3.56 percent at this time last year, a little over half the 6.71 percent it has averaged since 1990. The fixed 30-year mortgage rate has averaged 8.61 percent over the past 40 years.
As we reported yesterday, despite an increase in the number of existing homes listed for sale in U.S. on a year-over-year basis, applications for mortgages to purchase a home are down 17 percent and the National Association of Realtors Pending Home Sales Index has fallen to its lowest level since 2011, down 8.8 percent year-over-year.
Home sales in San Francisco were down 10.2 percent on a year-over-year basis in January.