US Fixed-Rate Mortgages Creep Higher in the Week Ending August 15th
Mortgage Rates Remain at the Lowest Level in Over a Year
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending Thursday, August 15th.
The 30-year fixed-rate mortgage averaged 6.49%, up from last week when it averaged 6.47%. A year ago at this time, the 30-year rate averaged 7.09%.
The 15-year fixed-rate mortgage averaged 5.66%, up from last week when it averaged 5.63%. A year ago at this time, the 15-year rate averaged 6.46%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“While rates increased slightly this week, they remain more than 0.5% lower than the same time last year. In 2023, the 30-year fixed-rate mortgage nearly hit 8%, slamming the brakes on the housing market. Now, the 30-year fixed-rate hovers around 6.5% and will likely trend down in the coming months as inflation continues to slow. Lower rates are good news for potential buyers and sellers alike.”
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