The 30-year fixed-rate mortgage barely budged this week, remaining low at a 3.75% average, Freddie Mac reports.
“Mortgage rates have essentially stabilized over the last two months, which reflects the recovery and improvement in the economy from the malaise earlier in the year,” says Sam Khater, Freddie Mac’s chief economist. “Going forward, the combination of low mortgage rates, tight labor market, and high consumer confidence should set up the housing market for continued improvement in home sales heading into late summer and early fall.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 1, 2019:
- 30-year fixed-rate mortgages: averaged 3.75%, with an average 0.6 point, unchanged from last week’s average. Last year at this time, 30-year rates averaged 4.60%.
- 15-year fixed-rate mortgages: averaged 3.20%, with an average 0.5 point, rising from last week’s 3.18% average. A year ago, 15-year rates averaged 4.08%.
- 5-year hybrid adjustable-rate mortgages: averaged 3.46%, with an average 0.4 point, falling from last week’s 3.47% average. A year ago, 5-year ARMs averaged 3.93%.