30-Year Mortgage Rate Inches Lower in the Week Ending August 31st
The 30-Year Fixed-Rate Mortgage Decreases
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending August 31st.
The 30-year fixed-rate mortgage averaged 7.18%, down from last week when it averaged 7.23%. The decline ends a string of five consecutive increases. A year ago at this time, the 30-year rate averaged 5.66%.
The 15-year fixed-rate mortgage averaged 6.55%, unchanged from last week. A year ago at this time, the 15-year rate averaged 4.98%.
Adding additional background and his analysis to the report, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates leveled off this week but remain elevated. Despite continued high rates, low inventory is keeping house prices steady. Recent volatility makes it difficult to forecast where rates will go next, but we should have a better gauge in September as the Federal Reserve determines their next steps regarding interest rate hikes.”
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