Mortgage Rates Rise Ten Basis Points in the Week Ending August 12, 2021
Mortgage Rates Move Up for the First Time in Weeks
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 12, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.87% percent with an average 0.7 point, up from last week when it averaged 2.77%. A year ago, at this time, the 30-year FRM averaged 2.96%.
The 15-year fixed-mortgage averaged 2.15% with an average 0.7 point, up from last week when it averaged 2.10%. A year ago, at this time, the 15-year FRM averaged 2.46%.
In a statement prepared for this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “Following last Friday’s strong jobs report, which revealed broad based gains in employment and wage growth, mortgage rates are moving higher. After dropping for six consecutive weeks, the 30-year fixed-rate mortgage increased by ten basis points week over week. Despite the rise, rates remain very low, particularly given that economic growth is strong and will continue into next year.”
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