Average mortgage rates for the week ending September 8, 2016, have decreased slightly helping to stimulate ongoing refinance activity, according to the latest report from Freddie Mac.
The 30 year fixed mortgage averaged 3.44% with an average 0.6 point, a decrease from the previous week’s average of 3.46%. A year ago at this time, the 30 year averaged 3.90%.
Freddie Mac reported the 15 year mortgage average was at 2.76%, lower than last week’s average of 2.77%. Last year’s average for the same time period was 3.10%.
The average for the 5 year adjustable-rate mortgage (ARM) was at 2.81%, higher than the previous week’s average of 2.83%. Exactly a year ago, the 5-year ARM averaged 2.91%.
Sean Becketti, Freddie Mac’s chief economist had issued this statement:
“The 30-year fixed-rate mortgage fell 2 basis points to 3.44 percent this week. As mortgage rates continue to range between 3.41 and 3.48 percent, many are taking advantage of the historically low rates by refinancing. Since the Brexit vote, the refinance share of mortgage activity has remained above 60 percent.”
Many of the nation’s top lenders are reporting today that rates are down as well.
Bank of America is reporting the 30 year fixed mortgage is 3.50%, and the 15 year fixed is 2.50%.
Today at Wells Fargo, purchase rates for the 30 year fixed are 3.625%, and the 15 year is 3.00%. 30 year refinance rates at Wells for the 30 year mortgage are at 3.75%, and the 15 year refi rates 3.00%.
Chase mortgage’s 30 year fixed purchase mortgage rate is 3.375%, and the 15 year mortgage is 2.75%. Chase refinance rates for the 30 year fixed mortgage are 3.375%, and the 15 year is 2.75%.
The rates quoted above can change at any time and are not guaranteed. 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 online for the latest rate quotes using the widget below.