Average fixed-rate mortgages remained mostly unchanged this week, after seesawing the past few weeks, Freddie Mac reports in its weekly mortgage market survey.
Mortgage rates have fluctuated quite a bit the past few weeks as speculation grows that the Federal Reserve will taper its bond-buying program in September, which has been keeping rates at or near record lows in recent months.
Freddie Mac reports the following national averages for the week ending Aug. 15:
- 30-year fixed-rate mortgages: averaged 4.40 percent, with an average 0.7 point, holding the same average as last week. A year ago at this time, 30-year rates averaged 3.62 percent.
- 15-year fixed-rate mortgages: averaged 3.44 percent, with an average 0.6 point, rising slightly from last week’s 3.43 percent. Last year at this time, 15-year rates averaged 2.88 percent.
- 5-year adjustable-rate mortgages: averaged 3.23 percent, with an average 0.5 point, rising from last week’s 3.19 percent average. Last year at this time, 5-year ARMs averaged 2.76 percent.
Source: Freddie Mac