Average U.S. Mortgage Interest Rates Inch Higher

The average rate for a 30-year, fixed-rate mortgage in the United States increased two basis points to 3.45 percent, Freddie Mac reported August 11, 2016 when it released its weekly Primary Mortgage Market Survey. 

The results, for the week ending August 11, 2016, were an increase from the previous week when rates averaged 3.43 percent. The survey results included an average 0.5 point. The average interest rate remains near historic lows, and is nearly a half percent below the 3.94 percent average this time last year. 

"A surprisingly strong July jobs report showed 255,000 jobs added and 0.3 percent wage growth from last month, exceeding many experts' expectations, "Sean Becketti, chief economist for Freddie Mac, said. "In response, the 10-Year Treasury yield rose to its highest level since June and the 30-year, fixed-rate mortgage increased ... to 3.45 percent."

The 15-year, fixed-rate mortgage loan averaged 2.76 percent, with an average 0.5 point. The average rate for the 15-year home loan was 2.74 percent the previous week, and during the same week last year averaged 3.17 percent. 

The five-year, adjustable-rate mortgage also averaged 2.74 percent. 

Few Massachusetts first-time homebuyers pay points on their home loans. 

Additional Information About Obtaining a Mortgage in Massachusetts

• 4 Things Homebuyers Should Not Do During the Home-buying Process

• 4 Mortgage Myths Massachusetts Homebuyers Should Know About

• 5 Credit Score Misconceptions Homebuyers Should Know the Truth About