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On the radar: Freddie Mac weekly fixed rates higher as of August 29, but still below July on average

On August 29, Freddie Mac reported fixed mortgage rates were slightly higher from the prior week. However, for August on average, the rate remains at near three-year lows.

The 30-year fixed rate was up 3 basis points to 3.58% as of the August 29 weekly data, matching the August to-date average. The August average was the lowest since 3.47% in October 2016.

The 15-year fixed rate was up 3 basis points to 3.06% compared to the prior week and was just above the August to-date average of 3.05%. The month average was the lowest since 3.03% in November 2016.

The rate for a 5/1-year ARM was down 1 basis point to 3.31% and slightly below the month to-date average of 3.34% which was the lowest since 3.24% in November 2017.

The small week-over-weak increase for fixed rate does not change the overall picture that rates are at levels associated with active homebuying and refinancing of existing mortgages. In spite of concerns about a recession, rates by be enough to tempt some fresh buyers into the market, especially if it is perceived that they have some negotiating power on prices.

 

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