Although the US average rate for a 30-year fixed mortgage has risen this week, it has still managed to stay near the lows of the last three years, according to the latest Freddie Mac Primary Mortgage Market Survey.
According to the company's data, the 30-year fixed rate mortgage averaged 3.58% for the week ending August 29, 2019, up from 3.55% recorded the week before. last. A year earlier, the rate was 4.52%
"Mortgage rates have risen slightly this week, closing the month with a 30-year fixed-rate mortgage rate averaging 3.6% – almost one percent from the same period last year," said Sam Khater, Chief Economist of Freddie Mac. "Low mortgage rates and the strength of the labor market are fueling the consumer economy, thus boosting their buying power, which will certainly support the housing market's activity at home." over the next few months. "
The 15-year FRM averaged 3.06% this week, up slightly from 3.03% last week. Last year at this time, the 15-year FRM was 3.97%.
The five-year hybrid adjustable rate hybrid mortgage averaged 3.31%, down from 3.33% last week. Again, this rate is significantly lower than the same week in 2018, where it averaged 3.85%.
The image below highlights this week's changes: