For the first time in four weeks, fixed-rate mortgages reversed course this week and began to edge higher.
“Headed into the fall, we’ll likely see continued interest rate tension, with dollar appreciation weighing against possible Fed rate hikes leaving the rate outlook clouded,” says Sean Becketti, Freddie Mac’s chief economist.
Freddie Mac showed the following national averages with mortgage rates for the week ending Aug. 13:
- 30-year fixed-rate mortgages: averaged 3.94 percent, with an average 0.6 point, rising from last week’s 3.91 percent average. Last year at this time, 30-year rates averaged 4.12 percent.
- 15-year fixed-rate mortgages: averaged 3.17 percent, with an average 0.6 point, rising last week’s 3.13 percent average. A year ago, 15-year rates averaged 3.24 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.93 percent, with an average 0.5 point, dropping from last week’s 2.95 percent average. A year ago, 5-year ARMs averaged 2.97 percent.
- 1-year ARMs: averaged 2.62 percent, with an average 0.3 point, rising from last week’s 2.54 percent average. A year ago,1-year ARMs averaged 2.36 percent.
Source: Freddie Mac