The 30-year fixed-rate mortgage rates reversed course this week, averaging 3.90 percent.

“After holding relatively flat last week, the 10-year Treasury yield fell 4 basis points this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate moved in tandem with Treasury yields.”

Freddie Mac reports the following national averages for the week ending Aug. 10:

  • 30-year fixed-rate mortgages: averaged 3.90 percent, with an average 0.5 point, dropping from last week’s 3.93 percent average. Last year at this time, 30-year rates averaged 3.45 percent.
  • 15-year fixed-rate mortgages: averaged 3.18 percent, with an average 0.5 point, the same average as last week. A year ago, 15-year rates averaged 2.76 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.14 percent, with an average 0.5 point, falling from last week’s 3.15 percent average. A year ago, 5-year ARMs averaged 2.74 percent.

Source: Freddie Mac

Tim Kelly - Mortgage Rates

Categories: Real Estate Blog

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