Mortgage rates remained under 3% for the week ending August 19th, according to the Freddie Mac Primary Mortgage Market Survey… (Freddie Mac)
30-YR FIXED: Average 2.86% a 1 basis point drop from the previous week, which is also down from the 2.99% we saw at the same time one year ago.
15-YR FIXED: Average 2.16% a 1 basis point increase from the previous week, this was down from the 2.54% we saw at the same time one year ago.
Sam Khater, Freddie Mac’s Chief Economist, said housing seems to be moving in a similar pattern as other consumer goods…
- “Housing is in a similar phase of the economic cycle as many other consumer goods. While there is strong latent demand, low supply has caused prices to rise as shortages restrict the amount of sales activity that otherwise would occur.”