30-Year Mortgage Rates Remain Below 4%

August 21, 2015

For the fifth consecutive week, the 30-year fixed-rate mortgage has averaged below 4 percent, as home buyers and refinancers rush to lock in low rates.

"Housing markets have responded positively to low mortgage rates," says Sean Becketti, chief economist at Freddie Mac. "The latest NAHB/Wells Fargo Housing Market Index for August 2015 was 61, the highest level in more than nine years. One-unit housing starts in July 2015 jumped to 782,000 units, up 12.8 percent from June and up 19 percent from last year. Overall housing markets remain on track for the best year since 2007."

Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 20:

  • 30-year fixed-rate mortgages: averaged 3.93 percent, with an average 0.6 point, dropping from last week's 3.94 percent average. Last year at this time, 30-year rates averaged 4.10 percent.
  • 15-year fixed-rate mortgages: averaged 3.15 percent, with an average 0.6 point, falling from last week's 3.17 percent average. A year ago, 15-year rates averaged 3.23 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.94 percent, with an average 0.5 point, rising from last week's 2.93 percent average. A year ago, 5-year ARMs averaged 2.95 percent.
  • 1-year ARMs: averaged 2.62 percent, with an average 0.3 point, holding the same as last week's average. A year ago, 1-year ARMs averaged 2.38 percent.

Source: Freddie Mac