Mortgage rates for the week ending August 11, 2016, are showing average fixed mortgage rates little changed 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%. A year ago, it was at an average of 3.17%.
The 5 year adjustable-rate mortgage (ARM) was at an average of 2.74% a small increase from the previous week’s average of 2.73%. Last year the 5-year ARM averaged 2.93% for the same time period.
Freddie Mac’s chief economist, Sean Becketti had said;
“A surprisingly strong July jobs report showed 255,000 jobs added and 0.3 percent wage growth from last month, exceeding many experts’ expectations. In response, the 10-Year Treasury yield rose to its highest level since June and the 30-year fixed-rate mortgage increased 2 basis points to 3.45 percent.”
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 2.625%. Chase is reporting 30 year fixed mortgage refinance rates are at 3.375%, 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.