Mortgage rates edged down slightly this past week and continue to hold near historic lows.
According to Freddie Mac’s Primary Mortgage Market Survey, during the week ended Aug. 18, the average rate for a 30-year, fixed-rate mortgage (FRM) was 3.43%, down from 3.45% the previous week. A year ago at this time, the 30-year FRM averaged 3.93%.
The average rate for a 15-year FRM was 2.74%, down from 2.76%. A year ago at this time, the 15-year FRM averaged 3.15%.
The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 2.76%, up slightly from 2.74%. A year ago, the five-year ARM averaged 2.94%.
“Ahead of the release of the [Federal Open Market Committee] minutes for July, 10-year Treasury yields were little changed from the prior week,” says Sean Becketti, chief economist for Freddie Mac, in a release. “The 30-year, fixed-rate mortgage fell two basis points to 3.43 percent this week, erasing last week’s uptick. For eight consecutive weeks, mortgage rates have ranged between 3.41 [percent] and 3.48 percent. Inflation is not adding any upward pressure on interest rates, as the Bureau of Labor Statistics reported that the Consumer Price Index was unchanged in July.”