Mortgage rates moved up for the week but stayed under 3%, according to the Freddie Mac weekly survey… (Freddie Mac)
- 30-YR FIXED: Saw a 10 basis point jump to average 2.87% for the week ending August 12, 2021. This is down slightly from a year ago at this time when it averaged 2.96%.
- 15-YR FIXED: Saw a 5 basis point jump to average 2.15% for the week ending August 12, 2021. This is down from a year ago at this time when it averaged 2.46%.
Sam Khater, Freddie Mac’s Chief Economist, said positive employment data last week was the catalyst for an upward movement in rates…
- “Following last Friday’s strong jobs report, which revealed broad-based gains in employment and wage growth, mortgage rates are moving higher… Despite the rise, rates remain very low, particularly given that economic growth is strong and will continue into next year.”
This is the second report this week to show rates have reversed their downward trend. One week does not a trend make but continued positive data about the economy means rates are likely to start moving up sooner rather than later.
