Mortgage Rates Drop Significantly

5-year ARM w/ avg. only 0.3 points — Week ending 8 Aug 2019

Freddie Mac reports the following national averages with mortgage rates for the week ending August 8:

30-year fixed-rate mortgages

• Averaged 3.60%, with an average 0.6 point
• Down 0.15% from last week’s 3.75% average
• One year ago this week, 30-year rates shifted from 4.60% to avg. 4.59%

15-year fixed-rate mortgages

• Averaged 3.05%, with an average 0.5 point
• 0.15% less than last week’s 3.20% average
• This week in 2018, 15-year fixed dipped from 4.08% to a 4.05% average

5-year hybrid adjustable-rate mortgages

• Averaged 3.36%, with an average 0.3 point
• Falling 0.10% from a 3.46% average last week
• Last year at this time, 5-year ARMs lowered from 3.93% to average 3.90%

“There is a tug of war in the financial markets between weaker business sentiment and consumer sentiment. Business sentiment is declining on negative trade and manufacturing headlines, but consumer sentiment remains buoyed by a strong labor market and low rates that will continue to drive home sales into the fall.”

— Sam Khater; Chief Economist, Freddie Mac

Source: Freddie Mac