Freddie Mac’s Primary Mortgage Market Survey (PMMS) results show that the 30-year fixed-rate mortgage (FRM) averaged 2.86% with an average 0.7 point for the week ending Aug. 19, down slightly from last week, when it averaged 2.87%.
A year ago at this time, the 30-year FRM averaged 2.99%.
“Mortgage rates stayed relatively flat this week,” says Sam Khater, Freddie Mac’s chief economist. “Housing is in a similar phase of the economic cycle as many other consumer goods. While there is strong latent demand, low supply has caused prices to rise as shortages restrict the amount of sales activity that otherwise would occur.”
The 15-year fixed-rate mortgage averaged 2.16% with an average 0.6 point, up slightly last week, when it averaged 2.15%. A year ago at this time, the 15-year FRM averaged 2.54%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.43% with an average 0.3 point, down slightly from last week (2.44%). A year ago at this time, the five-year ARM averaged 2.91%.
