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Mortgage Rates Rise for the First Time in 6 Weeks

Mortgage rates rose for the first time in 6 weeks.pngMortgage rates edged up from their all-time lows this week. Freddie Mac reports that the 30-year fixed mortgage rate is 2.87%.“Following last Friday’s strong jobs report, which revealed broad-based gains in employment and wage growth, mortgage rates are moving higher,” said Sam Khater, Freddie Mac’s chief economist. “After dropping for six consecutive weeks, the 30-year fixed-rate mortgage increased by 10 basis points week over week. Despite the rise, rates remain very low, particularly given that economic growth is strong and will continue into next year.”While mortgage rates remain at historically low levels, the National Association of Realtors® predicts a slight increase in interest rates over the coming months as the economy continues to recover. NAR predicts that 30-year fixed mortgage rates will average 3% in 2021.Freddie Mac reported the following national averages for the week ending Aug. 12:

  • 30-year fixed-rate mortgages: averaged 2.87%, with an average of 0.7 points, rising from last week’s 2.77% average. Last year at this time, 30-year rates averaged 2.96%.
  • 15-year fixed-rate mortgages: averaged 2.15%, with an average of 0.7 points, increasing from last week’s 2.10% average. A year ago, 15-year rates averaged 2.46%.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.44%, with an average of 0.3 points, increasing from last week’s 2.40% average. A year ago, 5-year ARMs averaged 2.90%.

Freddie Mac reports an average engagement rate as well as an average score to better reflect the total upfront cost of obtaining a mortgage.

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