Fixed-Rate Mortgages Tick Up Slightly This Week
Borrowing costs inched up moderately on fixed-rate mortgages, but still remain lower than last year’s averages, Freddie Mac reports in its weekly mortgage market survey.
More on Mortgage Rates:
Freddie Mac reported the following national averages with mortgage rates for the week ending Aug. 7:
- 30-year fixed-rate mortgages: averaged 4.14 percent, with an average 0.7 point, rising from last week’s 4.12 percent average. Last year at this time, 30-year rates averaged 4.40 percent.
- 15-year fixed-rate mortgages: averaged 3.27 percent, with an average 0.6 point, rising from last week’s 3.23 percent average. A year ago, 15-year rates averaged 3.43 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.98 percent, with an average 0.5 point, dropping from last week’s 3.01 percent average. Last year at this time, 5-year ARMs averaged 3.19 percent.
- 1-year ARMs: averaged 2.35 percent, with an average 0.5 point, dropping from last week’s 2.38 percent average. A year ago, 1-year ARMs averaged 2.62 percent.
Source: Freddie Mac