Freddie Mac

Mortgage Rates Generally Hold Steady

30-year fixed nearly 1% lower year-to-date; week ending Aug. 29

Freddie Mac’s Chief Economist, Sam Khater, had this to say:

“Mortgage rates inched up slightly this week, closing the month with the 30-year fixed-rate mortgage rate averaging 3.6 percent — almost a full percent from the same time last year.

Low mortgage rates along with a strong labor market are fueling the consumer-driven economy by boosting their purchasing power, which will certainly support housing market activity in the coming months.”

Freddie Mac reports the following national averages with mortgage rates for the week ending August 29:

30-year fixed-rate mortgages

• Averaged 3.58%, with an average 0.5 point
• Up 0.03% from last week’s 3.55% average
• One year ago, the 30-year rate average was 4.52%

15-year fixed-rate mortgages

• Averaged 3.06%, with an average 0.5 point
• 0.03% more than last week’s 3.03% average
• This week in 2018, 15-year fixed averaged 3.97%

5-year hybrid adjustable-rate mortgages

• Averaged 3.31%, with an average 0.4 point
• Down 0.01% from a 3.32% average last week
• Last year at this time, 5-year ARMs were 3.85% on average

Source: Freddie Mac