Mortgages Haven’t Been This Cheap Since 2016
August 9, 2019
The 30-year fixed-rate mortgage averaged 3.60% this week, the lowest average since November 2016, Freddie Mac reports.
“There is a tug of war in the financial markets between weaker business sentiment and consumer sentiment,” says Sam Khater, Freddie Mac’s chief economist. “Business sentiment is declining on negative trade and manufacturing headlines, but consumer sentiment remains buoyed by a strong labor market and low rates that will continue to drive home sales into the fall.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 8:
- 30-year fixed-rate mortgages: averaged 3.60%, with an average 0.6 point, falling from last week’s 3.75% average. Last year at this time, 30-year rates averaged 4.59%.
- 15-year fixed-rate mortgages: averaged 3.05%, with an average 0.5 point, falling from last week’s 3.20% average. A year ago, 15-year rates averaged 4.05%.
- 5-year hybrid adjustable-rate mortgages: averaged 3.36%, with an average 0.3 point, down from last week’s 3.46% average. A year ago, 5-year ARMs averaged 3.90%.
Updated: July 07, 2020