Mortgage Rates Continue to Smash Records

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Freddie Mac’s Primary Mortgage Market Survey for the week ending August 6 shows that the 30-year fixed-rate mortgage (FRM) averaged 2.88 percent. This is the lowest rate in the survey’s history, dating back to 1971.

“The resilience of the housing market continues as mortgage rates hit another all-time low, giving potential buyers more purchasing power and strengthening demand,” says Sam Khater, Freddie Mac’s chief economist.

“We expect rates to stay low and continue to propel the purchase market forward,” he adds. “However, the main barrier to rising demand remains the lack of inventory, especially for entry-level homes.”

The 30-year fixed-rate mortgage, at 2.88 percent, was down from last week, when it averaged 2.99 percent. A year ago at this time, the 30-year FRM averaged 3.6 percent. 

 The 15-year fixed-rate mortgage averaged 2.44 percent with an average 0.8 point, down from last week’s 2.51 percent. A year ago, the 15-year FRM averaged 3.05 percent. 

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.9 percent with an average 0.4 point, down from 2.94 percent. A year ago at this time, the 5-year ARM averaged 3.36 percent.

Photo: Sam Khater

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