After a slight pullback last week, mortgage rates saw a big jump for the week ending August 25th, according to Freddie Mac’s weekly survey…(Freddie Mac)
- 30-YR FIXED: The average contract rate jumped to 5.55%, this is up 42 basis points from last week and is now 268 basis points higher than one year ago.
- 15-YR FIXED: The average contract rate jumped to 4.85%, this is up 30 basis points from last week and is now 268 basis points higher than one year ago.
Sam Khater, Freddie Mac’s Chief Economist, said things definitely look bleak but there are still buyers out there. “Home sales continue to decline, prices are moderating, and consumer confidence is low. But, amid waning demand, there are still potential homebuyers on the sidelines waiting to jump back into the market.”
Highest since June. Mortgage rates have not been this high since June 30th, however, they are still down from the high this year of 5.81% back on June 23rd.