Mortgage rates edged up slightly this week but remain historically low.
For the week ended Aug. 20, the average rate for a 30-year, fixed-rate mortgage was 2.99%, up from last week when it averaged 2.96% but down from a year ago when it averaged 3.55%, according to Freddie Mac’s Primary Mortgage Market Survey.
“Purchase housing demand continues to accelerate, ultimately providing support to an economy that otherwise has stagnated,” says Sam Khater, chief economist for Freddie Mac, in a statement. “The surge in sales led to a rapid increase in the demand for remodeling and home furnishings as consumers look to renovate while adjusting to home life during COVID.”
The average rate for a 15-year fixed-rate mortgage was 2.54%, up from 2.46% the previous week but down from 3.03% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.91%, up slightly from 2.90% the previous week but down from 3.32% a year ago.
