Mortgage Rates Continue to Hold Steady

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Mortgage rates were basically flat this week, with the average rate for a 30-year fixed rate mortgage at 3.75%, unchanged from last week, according to Freddie Mac’s Primary Mortgage Market Survey.

A year ago at this time, the average rate for a 30-year was 4.60%. 

For the week ended Aug. 1, the average rate for a 15-year fixed rate mortgage was 3.20%, up from 3.18% the previous week.

A year ago at this time, the average rate for a 15-year was 4.08%

The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.46%, down slightly from 3.47%.

A year ago, the five-year ARM averaged 3.93%.

“Mortgage rates have essentially stabilized over the last two months, which reflects the recovery and improvement in the economy from the malaise earlier in the year,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Going forward, the combination of low mortgage rates, tight labor market and high consumer confidence should set up the housing market for continued improvement in home sales heading into the late summer and early fall.”

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