Average fixed mortgage rates dipped slightly last month (August 2016), remaining near their all-time record lows, according to the recently released Freddie Mac Primary Mortgage Market Survey® (PMMS®).
The 30-year fixed-rate mortgage (FRM) averaged 3.43 percent with an average 0.5 point for the week ending August 18, 2016, down from the week of August 11, 2016, when it averaged 3.45 percent. A year ago at this time, the 30-year FRM averaged 3.93 percent.
The 15-year FRM averaged 2.74 percent with an average 0.5 point, down from the week of August 11, 2016 when it averaged 2.76 percent. A year ago at this time, the 15-year FRM averaged 3.15 percent.
Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.76 percent with an average 0.4 point, up from the week prior when it averaged 2.74 percent. A year ago, the 5-year ARM averaged 2.94 percent.
“Ahead of the release of the FOMC minutes for July, 10-year Treasury yields were little changed from the prior week,” says Sean Becketti, chief economist, Freddie Mac. The 30-year fixed-rate mortgage fell 2 basis points to 3.43 percent this week, erasing last week’s uptick. For eight consecutive weeks, mortgage rates have ranged between 3.41 and 3.48 percent. Inflation is not adding any upward pressure on interest rates as the Bureau of Labor Statistics reported that the Consumer Price Index was unchanged in July.”
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