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Mortgage Rates in August
According to Freddie Mac’s latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 2.96 percent in mid-August 2020.
“Homebuyer demand remains strong, especially for those in search of an entry-level home where the improvement in affordability via lower mortgage rates has a material impact,” said Sam Khater, Freddie Mac’s Chief Economist. “Even with this week’s uptick, very low rates are providing a significant boost to the housing market that continues to hold up well during this time of uncertainty.”
Freddie Mac News Facts
- 30-year fixed-rate mortgage averaged 2.96 percent with an average 0.8 point for the week ending August 13, 2020, up from last week when it averaged 2.88 percent. A year ago at this time, the 30-year FRM averaged 3.60 percent.
- 15-year fixed-rate mortgage averaged 2.46 percent with an average 0.8 point, up from last week when it averaged 2.44 percent. A year ago at this time, the 15-year FRM averaged 3.07 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.90 percent with an average 0.4 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 3.35 percent
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