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.
Disclaimer: Whetstone Analysis provides commentary as a service to its subscribers. Whetstone Analysis is not responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to, or reliance on any information contained within the site. While the information contained within the site is periodically updated and every effort is made to ensure its accuracy, no guarantee is given that the information provided in this Web site is correct, complete, and up-to-date. Click here to read our full Disclaimer.