Freddie Macwith Initial research of the mortgage market The results (PMMS) show that 30-year fixed rate mortgages (FRM) averaged 2.86% with an average of 0.7 points for the week ending Aug 19, 2021, slightly lower than last week when it averaged 2.87%. A year ago at this time, the 30-year FRM averaged 2.99%.
“Mortgage rates have remained relatively flat this week,” said Sam Hather, chief economist at Freddie Mac. “Housing is in the same phase of the economic cycle as many other consumer goods. While there is strong latent demand, low supply has driven prices up as the scarcity limits the volume of sales that would otherwise occur. ”
The 15-year fixed rate mortgage averaged 2.16% with an average of 0.6 points, slightly higher last week when it averaged 2.15%. A year ago at this time, the average FRM over 15 years was 2.54%.
The hybrid adjustable rate mortgage (ARM), indexed by the Treasury for 5 years, averaged 2.43% with an average of 0.3 points, slightly lower than last week, when it averaged 2.44%. A year ago at this time, the average for a 5-year-old ARM was 2.91%.