US Fixed-Rate Mortgages Inch Lower in the Week Ending August 22nd
The 30-Year Fixed-Rate Mortgage Lingers Just Under 6.5 Percent
Freddie Mac has released its Primary Mortgage Market Survey® (PMMS) for the week ending Thursday, August 22nd.
The 30-year fixed-rate mortgage averaged 6.46%, down from last week when it averaged 6.49%. A year ago at this time, the 30-year rate averaged 7.23%.
The 15-year fixed-rate mortgage averaged 5.62%, down from last week when it averaged 5.66%. A year ago at this time, the 15-year rate averaged 6.55%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Although mortgage rates have stayed relatively flat over the past couple of weeks, softer incoming economic data suggest rates will gently slope downward through the end of the year. Earlier this month, rates plunged and are now lingering just under 6.5%, which has not been enough to motivate potential homebuyers. We expect rates likely will need to decline another percentage point to generate buyer demand.”
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