Mortgage rates reversed course this week and inched lower after hitting a two-year high last week, Freddie Mac reports in its weekly mortgage market survey.
“The Fed is monitoring the housing market closely after the run-up in mortgage rates over the past few months,” says Frank Nothaft, Freddie Mac’s chief economist.
Freddie Mac reports the following national rates for the week ending Aug. 29:
- 30-year fixed-rate mortgages: averaged 4.51 percent, with an average 0.7 point, dropping from last week’s 4.58 percent average. Last year at this time, 30-year rates averaged 3.59 percent.
- 15-year fixed-rate mortgages: averaged 3.54 percent, with an average 0.7 point, dropping from last week’s 3.60 percent average. Last year at this time, 15-year rates averaged 2.86 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.24 percent, with an average 0.5 point, rising from last week’s 3.21 percent average. Last year at this time, 5-year ARMs averaged 2.78 percent.
Source: Freddie Mac