Current mortgage rates for the week ending August 4, 2016 are on the way down after going slightly higher for three consecutive weeks, according to the latest report from Freddie Mac.
Freddie Mac reported the 30 year fixed mortgage averaged 3.43% with an average 0.5 point, down from the previous weeks average of 3.48%. Last year at this time, it averaged 3.91%.
The 15 year mortgage average was at 2.74%, lower than last week’s average of 2.78%. A year ago, it was at an average of 3.13%.
The 5 year adjustable-rate mortgage (ARM) was at an average of 2.73% which was lower than the previous week’s average of 2.78%. Last year the 5-year ARM averaged 2.94% for the same time period.
Sean Becketti, chief economist, Freddie Mac had said;
“Treasury yields fell last week following both the FOMC’s meeting and a disappointing advance estimate for second quarter GDP. Mortgage rates, which had moved up 7 basis points over the past three weeks, responded by erasing most of those gains, falling 5 basis points to 3.43 percent this week for the 30-year fixed-rate mortgage. Mortgage rates have been below 3.5 percent every week since June 30. Borrowers are taking advantage of these low rates by refinancing. The latest Weekly Applications Survey results from the Mortgage Bankers Association show refinance activity up 55 percent since last year.”
Here are what some of the top lenders are reporting on their websites for today.
The 30 year fixed mortgage at Bank of America is 3.375%, and the 5/1 ARM is 2.375%.
Wells Fargo is reporting 30 year fixed purchase rates are 3.625%, and the 15 year fixed is 2.875%. Refinance rates for the 30 year are 3.625%, and 3.00% for the 15 year mortgage.
Over at Chase Mortgage, the 30 year fixed purchase mortgage rate is 3.25%, and the 15 year is at 2.75%. Chase is reporting 30 year fixed mortgage refinance rates are at 3.37%, and the 15 year fixed is at 2.75%.
The mortgage rates quoted above can change at any time. If you would like a live rate quote and/or to discuss other possible mortgage options, please call me, Erik Sandstrom, with Caliber Home Loans at 1-800-779-4547; or email me at Erik.Sandstrom@CaliberHomeLoans.com.
You can also search for rates online using the widget below.