Rates Ease for Second Consecutive Week
Borrowers had slightly more relief with mortgage rates again this week. The 30-year fixed-rate mortgage rate dipped again, averaging 4.53 percent, Freddie Mac reports.
“The stability in borrowing costs comes despite the highest core inflation rates since 2008 and turbulence in the currency markets,” says Sam Khater, Freddie Mac’s chief economist.
“Unfortunately, this pause in rates is not leading to increasing home sales.” Last week, mortgage applications for home purchases once again trailed levels from last year.
“It’s clear that in some markets the combination of ascending home prices, limited affordable inventory, and this year’s higher rates are curtailing home buyer demand,” Khater says.
Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 16:
- 30-year fixed-rate mortgages: averaged 4.53 percent, with an average 0.5 point, falling from last week’s 4.59 percent average. Last year at this time, 30-year rates averaged 3.89 percent.
- 15-year fixed-rate mortgages: averaged 4.01 percent, with an average 0.5 point, ping from last week’s 4.05 percent average. A year ago, 15-year rates averaged 3.16 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.87 percent, with an average 0.4 point, down from last week’s 3.90 percent average. A year ago, 5-year ARMs averaged 3.16 percent.
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#RealEstateForSale #Homeownership #UtahRealEstate #MortgageRates
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