Good for Buyers: Mortgage Rates Barely Budge
DAILY REAL ESTATE NEWS | FRIDAY, AUGUST 26, 2016
Mortgage rates continue to hover around all-time lows with the 30-year fixed-rate mortgage averaging 3.43 percent this week.
"This marks the ninth consecutive week that mortgage rates have been below 3.5 percent,” says Sean Becketti, Freddie Mac’s chief economists. “Markets are erring on the side of caution ahead of the second estimate for second-quarter GDP and Fed Chair Janet Yellen's speech on Friday."
Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 25:
- 30-year fixed-rate mortgages: averaged 3.43 percent, with an average 0.6 point, holding the same average as last week. A year ago, 30-year rates averaged 3.84 percent.
- 15-year fixed-rate mortgages: averaged 2.74 percent, with an average 0.5 point, holding the same as the previous week as well. Last year at this time, 15-year rates averaged 3.06 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.75 percent, with an average 0.4 point, increasing from last week’s 2.74 percent average. Last year at this time, 5-year ARMs averaged 2.90 percent.
Source: Freddie Mac