Mortgage Rates Move Up Over First Week Of August

MCLEAN, Va. — Freddie Mac Thursday released the results of its Primary Mortgage Market Survey, showing that the 30-year fixed-rate mortgage (FRM) averaged 2.96 percent.

“Homebuyer demand remains strong, especially for those in search of an entry-level home where the improvement in affordability via lower mortgage rates has a material impact,” said Sam Khater, Freddie Mac’s Chief Economist. “Even with this week’s uptick, very low rates are providing a significant boost to the housing market that continues to hold up well during this time of uncertainty.”

News Facts

• 30-year fixed-rate mortgage averaged 2.96 percent with an average 0.8 point for the week ending August 13, 2020, up from last week when it averaged 2.88 percent. A year ago at this time, the 30-year FRM averaged 3.60 percent.  

• 15-year fixed-rate mortgage averaged 2.46 percent with an average 0.8 point, up from last week when it averaged 2.44 percent. A year ago at this time, the 15-year FRM averaged 3.07 percent.  

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.90 percent with an average 0.4 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 3.35 percent.