Mortgage rates that jumped more than a week ago following a strong jobs report have held steady at those levels since, with 30-year loans remaining well below 3 percent, according to Freddie Mac’s weekly lender survey.
For the week ending Aug. 19, Freddie Mac’s weekly Primary Mortgage Market Survey reported average rates for the following types of loans:
- For 30-year fixed-rate mortgages, rates averaged 2.86 percent with an average 0.7 point, down from 2.87 percent last week and lower than 2.99 percent a year ago.
- Rates on 15-year fixed-rate mortgages averaged 2.16 percent with an average 0.6 point, rising slightly from last week’s 2.15 percent and down from a rate of 2.54 percent a year ago.
- For 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans, rates averaged 2.43 percent with an average 0.3 point, down from 2.44 percent last week and 2.91 percent a year ago. Rates on 5-year ARM loans are still near their lowest levels since at least 2005.
Freddie Mac’s weekly survey assumes borrowers have excellent credit and are able to put 20 percent down on a home. Borrowers with lower credit scores can expect higher interest rates on purchase loans.
Call us at (480) 205 2234 to take advantage of the low mortgage rates on either your purchase loans or refinancing needs. |
