Update on the average mortgage rates reported by the Mortgage Bankers Association and Freddie Mac for the week ending 8-9-2013…
Time to check in on the average mortgage rates reported by Freddie Mac and the Mortgage Bankers Association:
Freddie Mac Reported:
- 30-year fixed-rate mortgages averaged 4.40%
- This is up from last week when it averaged 4.39%
- A year ago at this time, 30-year fixed-rate mortgages averaged 3.59%
- 15-year fixed-rate mortgages this week averaged 3.43%
- This is unchanged from last week.
- Last year at this time, 15-year fixed-rate mortgages averaged 2.84%
Check out the chart from Freddie Mac:
Frank Nothaft, vice president and chief economist, Freddie Mac said:
Mortgage rates were relatively unchanged following a mixed employment report for July. Even though the unemployment rate fell to 7.4 percent in July, which was the lowest since December 2008, the economy added only 161,000 jobs, short of the market consensus forecast. In addition, revisions subtracted 26,000 workers in the prior two months. Finally, hourly wages fell 0.1 percent in July, representing the first decline since October 2012
The Mortgage Bankers Association Reported:
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 4.61% from 4.58%, with points increasing to 0.42 from 0.38 (including the origination fee) for 80% loan-to-value ratio loans.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) was unchanged at 4.64%, with points decreasing to 0.34 from 0.39 (including the origination fee) for 80% loan-to-value ratio loans.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.33% from 4.30%, with points decreasing to 0.26 from 0.31 (including the origination fee) for 80% loan-to-value ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.66% from 3.67%, with points increasing to 0.43 from 0.40 (including the origination fee) for 80% loan-to-value ratio loans.
The Take Away:
Another week of see-sawing rates. Which is better than another week of rates spiking. And I must point out that rates are still super low. How long rates remain this low is hard to say especially since we don’t know what the future holds…
The best advice I can give you is IF now is the right time for you to buy a home, then what are you waiting for?
Higher rates or higher home prices?
As always, I am providing this to you for informational purposes only! I am not a mortgage lender and you should contact the lender of your choice directly to learn more about its mortgage products and your eligibility for such products.