The average U.S. mortgage loan interest rate stood at more than two-thirds of a point higher than average rates during the same time last year, according to Freddie Mac's weekly Primary Mortgage Market Survey for the week ending August 30, 2018.
“The 30-year fixed-rate mortgage barely inched up this week, continuing the summer trend of essentially being flat,” Sam Khater, Freddie Mac's chief economist, said. “While sales and price growth have softened [nationally] these last few months, this leveling of rates may be helping more buyers reach the market. Purchase mortgage applications this week were once again modestly above year-ago levels.”
The 15-year, fixed-rate mortgage averaged 3.97 percent, with an average 0.5 point, a slight decline from 3.98 percent the previous week. The 15-year loan averaged 3.12 percent a year ago.
The five-year adjustable-rate mortgage (ARM) averaged 3.85 percent, with an average 0.3 point, an increase from 3.82 percent the previous week. The five-year ARM averaged 3.14 percent during the same week in 2017.