Mortgage rates continued to hold steady this week, with the average rate for a 30-year fixed rate mortgage flat at 3.75%, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 4.53%.
The average rate for a 15-year fixed-rate mortgage was 3.22%, up from 3.18% last week.
A year ago at this time, the average rate for a 15-year was 4.02%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.46%, down slightly from 3.45%.
A year ago at this time, the average rate for a five-year ARM was 3.86%.
“While rates have moderated, we’re still at nearly three-year lows, which is good news for buyers looking to purchase a home before school starts,” notes Sam Khater, chief economist for Freddie Mac, in a statement. “The recent stabilization in mortgage rates reflects modestly improving U.S. economic data and a more accommodative tone from the Federal Reserve to respond to the rising downside economic risk from trade tensions and soft global economic data.
“On the housing front, the latest weekly purchase application data suggests homebuyer demand continues to rise, which is consistent with the slowly improving real estate data from the last two months,” Khater adds.