Freddie Mac: Mortgage Rates Holding Steady

Posted by Patrick Barnard on August 11, 2016 No Comments
Categories : Residential Mortgage

Fixed mortgage rates stayed mostly flat during the week ended Aug. 11, according to Freddie Mac’s Primary Mortgage Market Survey.

The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.45%, up from 3.43% the previous week. A year ago at this time, the 30-year FRM averaged 3.94%.

The average rate for a 15-year FRM was 2.76%, up from 2.74%. A year ago at this time, the 15-year FRM averaged 3.17%.

The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 2.74%, up from 2.73%. A year ago, the five-year ARM averaged 2.93%.

“A surprisingly strong July jobs report showed 255,000 jobs added and 0.3 percent wage growth from last month, exceeding many experts’ expectations,” says Sean Becketti, chief economist for Freddie Mac, in a release. “In response, the 10-Year Treasury yield rose to its highest level since June and the 30-year fixed-rate mortgage increased 2 basis points to 3.45 percent.”

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