Thirty-year fixed rates averaged 3.43 in Freddie Mac’s Primary Mortgage Market Survey for the week ended August 25, no different than one week prior.
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Financial markets are awaiting a speech by Federal Reserve Chair Janet Yellen Friday at an annual conference of central bankers for clues on a possible interest-rate increase.
From Freddie Mac’s weekly survey: This week, the 30-year fixed averaged 3.43 percent, unchanged from last week.
Likewise, the 15-year FRM remains unchanged from last week at 2.74%, but down from last year’s 3.06%. The only thing that could qualify as activity was the scant uptick experienced by the five-year Treasury-indexed hybrid ARM, which saw a scant 0.01 percentage point uptick to an average of 2.75 percent for this week. A year ago at this time, the 15-year FRM averaged 3.06 percent. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. A year ago, the 5-year ARM averaged 2.90 percent. “This marks the ninth consecutive week that mortgage rates have been below 3.5%”, said Sean Becketti, chief economist at Freddie Mac.
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“Treasury yields were little changed from the prior week and the 30-year fixed-rate mortgage held steady at 3.43 percent this week”.
