Mortgage Rates Nudge Lower
- Author: Zachary Reyes Aug 19, 2016,
Aug 19, 2016, 1:08
The best 20 year fixed rate mortgages at the bank are published at 3.250% and April of 3.469%.
On the other hand, the five-year Treasury-indexed hybrid adjustable-rate mortgage increased to 2.76%.
It was another week of little movement and no clear trend in mortgage rates, as there were no blockbuster economic releases or major Federal Reserve pronouncements.
Mortgage giant Freddie Mac said Thursday the average for the benchmark 30-year fixed-rate mortgage slipped to 3.43 per cent from 3.45 per cent last week. The average 15-year FRM also inched downward by 2 basis points down to 2.74 percent.
15 year Jumbo fixed rate loan interest rates can be had for 3.000% carrying an April of 3.033%. The average rate is down from 3.93 per cent a year ago, and is close to its all-time low of 3.31 per cent in November 2012. A year ago, the 5-year ARM averaged 2.94 percent. Since late June, the 30-year fixed-rate average - the most popular mortgage product - has been stuck between a high of 3.48 percent and a low of 3.41 percent.
Long-term US mortgage rates edged lower this week, remaining at historically low levels as a potential spur to home purchases. "Inflation is not adding any upward pressure on interest rates as the Bureau of Labor Statistics reported that the Consumer Price Index was unchanged in July".
"For eight consecutive weeks mortgage rates have ranged between 3.41 and 3.48 percent", Freddie's Chief Economist Sean Becketti said. This is up from last week's 2.74% but down from last year's 2.94%. ARMs and their APRs change as interest rates move up and down.
Mortgage rates edged down slightly this past week and continue to hold near historic lows.