Mortgage Rates Record Slight Uptick

Mortgage rates recorded a slight uptick in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.49% as of Aug. 15, up from last week when it averaged 6.49%. A year ago at this time, it averaged 7.09%.

The 15-year fixed-rate mortgage averaged 5.66%, up from last week when it averaged 5.63%.A year ago at this time, it averaged 6.46%.

“While rates increased slightly this week, they remain more than half a percent lower than the same time last year,” said Sam Khater, Freddie Mac’s chief economist. “In 2023, the 30-year fixed-rate mortgage nearly hit 8%, slamming the brakes on the housing market. Now, the 30-year fixed-rate hovers around 6.5% and will likely trend down in the coming months as inflation continues to slow. Lower rates are good news for potential buyers and sellers alike.”