Update on the average mortgage rates reported this week by Freddie, the MBA and Bankrate…
Freddie Mac on Mortgage Rates:
This week, Freddie Mac reported mortgage rates didn’t change much:
- 30-year fixed rate mortgages averaged 3.45%
- Last week, 30-year fixed rate mortgages averaged 3.43%
- Last year at this time, 30-year fixed rate mortgages averaged 3.94%
- 15-year fixed rate mortgages this week averaged 2.76%
- Last week, 15-year fixed rate mortgages averaged 2.74%
- Last year at this time, 15-year fixed rate mortgages averaged 3.17%
Check out the chart from Freddie Mac:
Sean Becketti, chief economist, Freddie Mac said:
A surprisingly strong July jobs report showed 255,000 jobs added and 0.3 percent wage growth from last month, exceeding many experts’ expectations. In response, the 10-Year Treasury yield rose to its highest level since June and the 30-year fixed-rate mortgage increased 2 basis points to 3.45 percent.
Bankrate on Mortgage Rates:
Bankrate.com also reported mortgage rates pretty much staying the same this week:
- The average 30 year fixed rate mortgages was 3.56%
- The average 30 year fixed rate jumbo mortgages was 3.58%
- The average 15 year fixed rate mortgage was 2.84%
The MBA on Mortgage Rates:
The MBA did not report anything major other than some slight decreases:
The average contract interest rate for 30 year fixed rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.65% for 80% loan-to-value ratio (LTV) loans. This is down from the 3.67% reported last week.
The average contract interest rate for 30 year fixed rate mortgages with jumbo loan balances (greater than $417,000) decreased to 3.64% for 80% LTV loans. This is down from the 3.65% reported last week.
The average contract interest rate for 15 year fixed rate mortgages was unchanged at 2.93% for 80% LTV loans.
The Take Away:
No major changes in mortgage rates this week but since rates change daily, we have to keep our eyes open.
And since I am talking about the average rates, this information may not mean much for you
You may be able to get a better mortgage rate…
You may be stuck paying more.
The only way to know for sure what is possible is by talking to a lender.
The Fine Print: As always, I am providing this to you for informational purposes only! I am a blogger and REALTOR in Anderson SC and not a mortgage lender. You should contact the lender of your choice directly to learn more about its mortgage products and your eligibility for such products. My suggestion is that ALL serious legitimate buyers take the first step and talk with a mortgage professional.