Mortgage Rates Generally Hold Steady

MCLEAN, Va., — Freddie Mac Thursday released the results of its Primary Mortgage Market Survey, showing that the 30-year fixed-rate mortgage (FRM) rate averaged 3.58 percent, a slight increase from last week.

Sam Khater, Freddie Mac’s Chief Economist says, “Mortgage rates inched up slightly this week, closing the month with the 30-year fixed-rate mortgage rate averaging 3.6 percent – almost a full percent from the same time last year. Low mortgage rates along with a strong labor market are fueling the consumer-driven economy by boosting their purchasing power, which will certainly support housing market activity in the coming months.”

News Facts

• 30-year fixed-rate mortgage averaged 3.58 percent with an average 0.5 point for the week ending Aug 29, 2019, up from last week when it averaged 3.55 percent. A year ago at this time, the 30-year FRM averaged 4.52 percent. 
• 15-year FRM averaged 3.06 percent with an average 0.5 point, up from last week when it averaged 3.03 percent. A year ago at this time, the 15-year FRM averaged 3.97 percent. 
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.31 percent with an average 0.4 point, down from last week when it averaged 3.32 percent. A year ago at this time, the 5-year ARM averaged 3.85 percent.