The 30-year fixed-rate mortgage held near last week’s average and continues to average near historical lows and under 3%.
“Mortgage rates stayed relatively flat this week,” says Sam Khater, Freddie Mac’s chief economist. “Housing is in a similar phase of the economic cycle as many other consumer goods. While there is strong latent demand, low supply has caused prices to rise as shortages restrict the amount of sales activity that otherwise would occur.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 19:
- 30-year fixed-rate mortgages: averaged 2.86%, with an average 0.7 points, down slightly from last week’s 2.87% average. Last year at this time, 30-year rates averaged 2.99%.
- 15-year fixed-rate mortgages: averaged 2.16%, with an average 0.6 points, increasing from a 2.15% average. A year ago, the 15-year rate averaged 2.54%.
- 5-year hybrid adjustable-rate mortgages: averaged 2.43%, with an average 0.3 points, dropping from last week’s 2.44% average. A year ago, 5-year ARMs averaged 2.91%.
Freddie Mac reports average commitment rates along with points to better reflect the total upfront cost of obtaining a mortgage.