(RTTNews) – Mortgage rates, or home loan interest rates, have risen for the first time in weeks, according to mortgage provider Freddie Mac (FMCC.OB).
After releasing the results of its primary mortgage market research, Freddie Mac revealed that 30-year fixed rate mortgages, or FRM, averaged 2.86% for the week ended Aug 19, 2021, up from 2.87% last week. A year ago at this time, the average rate was 2.99 percent.
The 15-year FRM averaged 2.16 percent this week, slightly higher than last week’s 2.15 percent. A year ago at this time, the 15-year average FRM was 2.54 percent.
The Treasury-indexed, or ARM-indexed, five-year adjustable-rate hybrid mortgage averaged 2.43 percent, down slightly from 2.44 percent last week. A year ago, it was 2.91 percent.
“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. Despite strong latent demand, low supply has driven prices up as the scarcity limits the volume of sales that would otherwise have occurred. ”
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