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Mortgage Rates Moves Down Slightly

Mortgage rates, or interest rates on home loans, increased for the first time in weeks, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 2.86 percent for the week ending August 19, 2021, down from 2.87 percent last week. A year ago at this time, the average rate was 2.99 percent.

The 15-year FRM this week averaged 2.16 percent, up slightly from 2.15 percent last week. A year ago at this time, the 15-year FRM averaged 2.54 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.43 percent, down slightly from 2.44 percent last week. It was 2.91 percent a year ago.

"Mortgage rates stayed relatively flat this week," said Sam Khater, Freddie Mac's Chief Economist. "Housing is in a similar phase of the economic cycle as many other consumer goods. While there is strong latent demand, low supply has caused prices to rise as shortages restrict the amount of sales activity that otherwise would occur."

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