Fixed Mortgage Rates Flat And Holding Near Historic Lows

Posted by Patrick Barnard on August 26, 2016 No Comments
Categories : Residential Mortgage

Mortgage rates stayed more or less flat during the week ended Aug. 25, according to Freddie Mac’s Primary Mortgage Market Survey.

The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.43%, unchanged from the previous week. A year ago at this time, the 30-year FRM averaged 3.84%.

The average rate for a 15-year FRM was 2.74%, also unchanged from the previous week. A year ago at this time, the 15-year FRM averaged 3.06%.

The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 2.75%, up slightly from 2.74%. A year ago, the five-year ARM averaged 2.90%.

“Treasury yields were little changed from the prior week, and the 30-year, fixed-rate mortgage held steady at 3.43 percent this week,” says Sean Becketti, chief economist for Freddie Mac, in a release. “This marks the ninth consecutive week that mortgage rates have been below 3.5 percent. Markets are erring on the side of caution ahead of the second estimate for second-quarter [gross domestic product] and Fed Chair Janet Yellen’s speech on Friday.”

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