Fixed Rate Mortgage Remain Mostly Flat - Slightly Above 4.5% with Half a Point
Tuesday, August 21, 2018
Freddie Mac’s Primary Mortgage Market Survey® showed mortgage rates not moving much from the prior week. Freddie Mac reported that mortgage rates remained mostly flat for the week ending August 16th. Freddie Mac’s chief economist Sam Khater stated “This stability in borrowing costs comes despite the highest core inflation rates since 2008 and turbulence in the currency markets,” he said. “Unfortunately, this pause in rates is not leading to increasing home sales.”
Added Khater, “Purchase mortgage applications trailed year ago levels again last week, and it’s clear that in some markets the combination of ascending home prices, limited affordable inventory and this year’s higher rates are curtailing homebuyer demand.”
- 30-year fixed-rate mortgage (FRM) averaged 4.53 percent with an average 0.5 point for the week ending August 16, 2018, down from last week when it averaged 4.59 percent. A year ago at this time, the 30-year FRM averaged 3.89 percent.
- 15-year FRM this week averaged 4.01 percent with an average 0.5 point, down from last week when it averaged 4.05 percent. A year ago at this time, the 15-year FRM averaged 3.16 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.87 percent with an average 0.4 point, down from last week when it with an average 3.90 percent. A year ago at this time, the 5-year ARM averaged 3.16 percent.