Borrowing costs inched up moderately on fixed-rate mortgages, but still remain lower than last year’s averages, Freddie Mac reports in its weekly mortgage market survey.
Freddie Mac reported the following national averages for the week ending Aug. 7:
- 30-year fixed-rate mortgages: averaged 4.14 percent, with an average 0.7 point, rising from last week’s 4.12 percent average. Last year at this time, 30-year rates averaged 4.40 percent.
- 15-year fixed-rate mortgages: averaged 3.27 percent, with an average 0.6 point, rising from last week’s 3.23 percent average. A year ago, 15-year rates averaged 3.43 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.98 percent, with an average 0.5 point, dropping from last week’s 3.01 percent average. Last year at this time, 5-year ARMs averaged 3.19 percent.
Source: Freddie Mac