Freddie Mac: Mortgage Rates Move Up for the First Time in Weeks in August 12th Report
Freddie Mac released the results of its Primary Mortgage Market Survey (“PMMS”), showing that the 30-year fixed-rate mortgage (“FRM”) averaged 2.87 percent.
“Following last Friday’s strong jobs report, which revealed broad based gains in employment and wage growth, mortgage rates are moving higher,” said Sam Khater, Freddie Mac’s Chief Economist. “After dropping for six consecutive weeks, the 30-year fixed-rate mortgage increased by ten basis points week over week. Despite the rise, rates remain very low, particularly given that economic growth is strong and will continue into next year.”
- 30-year fixed-rate mortgage averaged 2.87 percent with an average 0.7 point for the week ending August 12, 2021, up from last week when it averaged 2.77 percent. A year ago at this time, the 30-year FRM averaged 2.96 percent.
- 15-year fixed-rate mortgage averaged 2.15 percent with an average 0.7 point, up from last week when it averaged 2.10 percent. A year ago at this time, the 15-year FRM averaged 2.46 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.44 percent with an average 0.3 point, up from last week when it averaged 2.40 percent. A year ago at this time, the 5-year ARM averaged 2.90 percent.
The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
Chad Wandler – Media Contact – Chad_Wandler@FreddieMac.com – (703) 946-0004
Source: Freddie Mac