skip to Main Content

On the radar: Freddie Mac finish out July on a low in the August 1 data

Freddie Mac mortgage rates were little changed from the prior week as of August 1, and have generally varied little over the course of the month.

The 30-year fixed mortgage rate on August 1 was 3.75%, the same as in the prior week and essentially the same as the 3.76% average for July. The rate is the lowest since 3.47% in October 2016.

The 15-year fixed rate for a mortgage was 3.20% as of August 1, up 2 basis points from 3.18% in the prior week, but the same as the July monthly average of 3.20%. This was the lowest since 3.20% in October 2017.

The rate for a 5/1-year ARM was 3.46% as of August 1, down 1 basis point from 3.47% in the prior week and the same as the July monthly average of 3.46%. This was the lowest since 3.39% in December 2017.

Continued low mortgage rates should keep activity higher in the home buying market and should encourage some current mortgage holders to refinance, especially if they want to take out a little equity for other purposes.

Back To Top