For third straight week, the average U.S. rates on 30-year fixed mortgage and 15-year fixed mortgage have continued to rise, this according to the latest report of Freddie Mac.
As of August 16, according to Freddie Mac, the 30-year fixed-rate mortgage was 3.62%, an increase from last week’s average of 3.59%. However, this latest 30-year fixed-rate mortgage is slightly above the 3.49% rate three weeks ago – the lowest rate since long-term mortgages started in the 1950s.
The 15-year fixed-rate mortgage, meanwhile, as of yesterday averaged at 2.88%, an increase from last week’s average of 2.84%. This latest rate is just slightly above the record low rate of 2.80% three weeks ago.
Frank Nothaft, vice president and chief economist of Freddie Mac, “The latest economic indicators point toward low inflation but gradually stronger economic activity which placed further upward pressure on long-term Treasury yields and, in turn, fixed mortgage rates.”
The 30-year fixed-rate mortgage is the preferred choice of would be homebuyers; while the 15-year fixed-rate mortgage is a popular option for refinancing.
Whether you are a first-time homebuyer, first-time home seller, empty nester, thinking about selling a home or buying a home, do contact the Guldi Real Estate Group. In Southern Maryland, the Guldi Group is the number one real estate team.