Fixed-rate mortgages dropped slightly this week compared to the previous week, and continue to hover near all-time lows.
“The 30-year fixed-rate mortgage fell 2 basis points to 3.43 percent this week, erasing last week’s uptick,” says Sean Becketti, Freddie Mac’s chief economist. “For eight consecutive weeks mortgage rates have ranged between 3.41 and 3.48 percent. Inflation is not adding any upward pressure on interest rates as the Bureau of Labor Statistics reported that the Consumer Price Index was unchanged in July.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 18:
- 30-year fixed-rate mortgages: averaged 3.43 percent, with an average 0.5 point, dropping from last week’s 3.45 percent average. Last year at this time, 30-year rates averaged 3.93 percent.
- 15-year fixed-rate mortgages: averaged 2.74 percent, with an average 0.5 point, dropping from last week’s 2.76 percent average. A year ago, 15-year rates averaged 3.15 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.76 percent, with an average 0.4 point, rising from last week’s 2.74 percent average. A year ago, 5-year ARMs averaged 2.94 percent.
Source: Freddie Mac
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