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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