Mortgage Rates Hold Steady

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Real Estate

This week Freddie Mac Primary Mortgage Market Survey® shows that the 30-year fixed-rate mortgage (FRM) averaged 2.87 percent.

“The tug-of-war between the economic recovery and rising COVID-19 cases has left mortgage rates moving sideways over the last few weeks,” said Sam Khater, Freddie Mac’s Chief Economist. “Overall, rates continue to be low, with a window of opportunity for those who did not refinance under three percent. 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.”

Mortgage interest rates

 

•30-year fixed-rate mortgage averaged 2.87 percent with an average 0.6 point for the week ending August 26, 2021, up slightly from last week when it averaged 2.86 percent. A year ago at this time, the 30-year FRM averaged 2.91 percent.


•15-year fixed-rate mortgage averaged 2.17 percent with an average 0.6 point, up slightly last week when it averaged 2.16 percent. A year ago at this time, the 15-year FRM averaged 2.46 percent.


•5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.42 percent with an average 0.2 point, down slightly from last week when it averaged 2.43 percent. A year ago at this time, the 5-year ARM averaged 2.91 percent.

For the latest on mortgage interest rates you can contact your lender or visit Mortgage News Daily or other mortgage information providers.