Mortgage rates for the week ending September 1, 2016 are moving slightly higher as we head into the Labor Day weekend, but remain near their all-time record lows, according to the latest report from Freddie Mac.
The 30 year fixed mortgage averaged 3.46% with an average 0.5 point, up just a tad from the previous week’s average of 3.43%. A year ago at this time, the 30 year averaged 3.89%.
Freddie Mac reported 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 3.09%.
The average for the 5 year adjustable-rate mortgage (ARM) was at 2.83%, higher than the previous week’s average of 2.74%. A year ago, the 5-year ARM averaged 2.90%.
Freddie Mac’s chief economist, Sean Becketti had said;
“The 10-year Treasury yield inched up in response to Fed Chair Janet Yellen’s speech last Friday then settled near last week’s average. The 30-year fixed-rate mortgage rose 3 basis points to 3.46 percent. Mortgage rates have hovered between 3.41 and 3.48 percent for the past ten weeks.”
Here are what some of the nation’s top lenders are reporting today on their websites:
Bank of America is reporting the 30 year fixed mortgage is 3.50%, and the 15 year fixed is 2.50%.
Refinance rates at Wells for the 30 year mortgage are at 3.75%, and the 15 year refi rates at 3.125%.
Today at Chase mortgage, the 30 year fixed purchase mortgage rate is 3.75%, 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 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.