Mortgage rates continued to hold steady during the week ending Sept. 4, according to Freddie Mac's Primary Mortgage Market Survey.
In fact, mortgage rates have more or less held steady for the past three weeks.
The average rate for a 30-year fixed-rate mortgage (FRM) was 4.10% – unchanged from the previous week. A year ago at this time, the 30-year FRM averaged 4.57%.
The average rate for a 15-year FRM was 3.24%, down slightly from 3.25% the previous week. A year ago at this time, the 15-year FRM averaged 3.59%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.97% – unchanged from the previous week. A year ago, the five-year ARM averaged 3.28%.
The average rate for a one-year Treasury-indexed ARM was 2.40%, up slightly from 2.39% the week prior. At this time last year, the one-year ARM averaged 2.71%.
‘Mortgage rates were little changed amid a week of light economic reports,’ reports Frank Nothaft, vice president and chief economist for Freddie Mac. ‘The 30-year fixed-rate mortgage rate remained unchanged from the previous week at 4.10 percent. Of the few releases, the ISM's manufacturing index rose to 59.0 in August from 57.1 the previous month. This was the highest reading of the index since March 2011.’