Average mortgage rates for the week ending August 11, 2016 have changed a little from the previous week and remaining near historic lows, according to the latest report from Freddie Mac.
Freddie Mac reported the 30 year fixed mortgage averaged 3.45% with an average 0.5 point, up just a tad from the previous week’s average of 3.43%. Last year at this time, it averaged 3.94%.
The 15 year mortgage average was at 2.76%, higher than last week’s average of 2.74%. The average last year for the same time period was 3.15%.
The average for the 5 year adjustable-rate mortgage (ARM) was at 2.76%, higher than the previous week’s average of 2.74%. The 5-year ARM averaged 2.94% last year for the same time period.
Freddie Mac’s chief economist, Sean Becketti had said;
“Ahead of the release of the FOMC minutes for July, 10-year Treasury yields were little changed from the prior week. The 30-year fixed-rate mortgage fell 2 basis points to 3.43 percent this week, erasing last week’s uptick. For eight consecutive weeks mortgage rates have ranged between 3.41 and 3.48 percent. 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.”
The nation’s top lenders reported the following rates today.
Bank of America’s 30 year fixed mortgage is 3.50%, and the 15 year fixed is 2.375%.
Wells Fargo is reporting this morning its 30 year fixed is 3.625%, and the 15 year mortgage rate is 3.00%. 30 year refinance rates at Wells for the 30 year mortgage are at 3.75%, and the 15 year refi rates at 3.00%.
Today at Chase mortgage, the 30 year fixed mortgage rate is 3.375%, and the 15 year mortgage is 2.75%. Chase refinance rates for the 30 year fixed mortgage are 3.50%, and the 15 year is 2.75%.
The rates quoted above can change at anytime and are not guaranteed. If you need help with a mortgage, or would like a live rate quote, please fell free to call me, Erik Sandstrom at at 1-800-779-4547; or email me at Erik.Sandstrom@CaliberHomeLoans.com.
You can also search for the best rates from various lenders at this link.