According to a recent Freddie Mac mortgage market survey, the average commitment rate for a 30 year fixed rate loan in the month of July was 4.55%. The average rate for a 15 year fixed rate loan was 3.68%.
The graph below shows the average commitment rates for the month of July versus every year dating back to 1992. Rates have been trending steadily lower this year.
This graph shows the average rates for the last 20 weeks. Rates have moved even lower in August. The average rate for a 30 year fixed rate loan was 4.39%. The average rate for a 15 year fixed rate loan was 3.54%.
Dan Miller, Realtor, Keller Williams Realty and www.DaneCountyMarket.com