U.S. Mortgage Rates Significantly Decline in Early August

Residential News » Washington D.C. Edition | By WPJ Staff | August 9, 2019 8:23 AM ET

Lowest rates in three years

According to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage rate in the U.S. averaged 3.60 percent in the first week of August 2019, the lowest it has been since November 2016.

Sam Khater, Freddie Mac's chief economist, says, "There is a tug of war in the financial markets between weaker business sentiment and consumer sentiment. Business sentiment is declining on negative trade and manufacturing headlines, but consumer sentiment remains buoyed by a strong labor market and low rates that will continue to drive home sales into the fall."

Freddie Mac News Facts

30-year fixed-rate mortgage averaged 3.60 percent with an average 0.6 point for the week ending Aug 8, 2019, down from last week when it averaged 3.75 percent. A year ago at this time, the 30-year FRM averaged 4.59 percent.

15-year FRM averaged 3.05 percent with an average 0.5 point, down from last week when it averaged 3.20 percent. A year ago at this time, the 15-year FRM averaged 4.05 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.36 percent with an average 0.3 point, down from last week when it averaged 3.46 percent. A year ago at this time, the 5-year ARM averaged 3.90 percent