The 2.88% average 30-year fixed-rate mortgage was up slightly from the previous week’s average of 2.87% and almost in line with last year’s 2.86%.
The 15-year fixed-rate mortgage averaged 2.19%, which was up a bit from last week’s 2.18% and down from last year’s 2.37%.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.42%, slightly lower than last week’s 2.43% and below last year’s 3.11%.
Freddie Mac Chief Economist Sam Khater said in a release that while the economy continues to grow, it has lost momentum over the past two months due to the current wave of new COVID cases, which weakened employment growth, lowered spending and depressed consumer confidence.
“Consequently, mortgage rates dropped early this summer and have stayed steady despite increases in inflation caused by supply and demand imbalances,” Khater said. “The net result for housing is that these low and stable rates allow consumers more time to find the homes they are looking to purchase.”