For the third consecutive week, averaged fixed mortgage rates edged down as uncertainty about the economy continued to push Treasury yields lower, Freddie Mac reports in its weekly mortgage market survey. The 30-year fixed-rate mortgage dropped 7 basis points this week to 3.91 percent, its lowest average since June 4.
“All eyes are on the upcoming July employment report, as the Fed has made it clear developments in the labor market will affect the timing of any potential rate hike,” says Sean Becketti, Freddie Mac’s chief economist.
Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 6:
30-year fixed-rate mortgages: averaged 3.91 percent, with an average 0.6 point, dropping from last week’s 3.98 percent average. A year ago, 30-year rates averaged 4.14 percent.
15-year fixed-rate mortgages: averaged 3.13 percent, with an average 0.6 point, dropping from last week’s 3.17 percent average. A year ago, 15-year rates averaged 3.27 percent.
5-year hybrid adjustable-rate mortgages: averaged 2.95 percent, with an average 0.4 point, holding the same average as last week. Last year at this time, 5-year ARMs averaged 3.27 percent.
1-year ARMs: averaged 2.54 percent, with an average 0.3 point, rising from last week’s 2.52 percent average. A year ago, 1-year ARMs averaged 2.98 percent.