Mortgage Rates Near 2016 Lows Again

After climbing for the last three consecutive weeks, mortgage rates reversed course this week, falling back near the lowest averages of the year.

Freddie Mac reports the following national averages for the week ending Aug. 4:

’30-year’ fixed-rate mortgages: averaged 3.43 percent, with an average 0.5 point, dropping from last week’s 3.48 percent average. A year ago, 30-year rates averaged 3.91 percent.

’15-year’ fixed-rate mortgages: averaged 2.74 percent, with an average 0.5 point, falling from last week’s 2.78 percent average. Last year at this time, 15-year rates averaged 3.13 percent.

Source: Freddie Mac