Your home is probably the biggest asset you own. This is why you should hire a professional to guide you through all your real estate transactions. My goal is to help 24 to 28 families each year either buy or sell a home. I am NOT interested in Selling 100 or 200 homes a year because I would not be able to give each family the time, attention and energy they deserve....
Weekly Mortgage Rate Update
Looking ahead, Retail Sales will be released on Wednesday. Consumer spending accounts for about 70% of all economic activity in the U.S., and the retail sales data is a key indicator of growth.
THIS WEEK'S RATE TREND IS DOWN
Dip in Rates Provides ‘Stability’ for Home Sales
© REALTOR® Magazine
Borrowers saw a little relief from recent increases. Mortgage rates dropped slightly this week, with the 30-year fixed-rate mortgage averaging 4.59 percent, Freddie Mac reports.
“This stability is much needed for home sales, which have crested because of the multiyear run up in prices, tight affordable inventory, and this year’s higher rates,” says Sam Khater, Freddie Mac’s chief economist. “Going forward, the strong economy will support the housing market, but with affordability pressures mounting, further spikes in mortgage rates will lead to continued softening in home price growth.”
Home prices are still climbing and rates are up from 3.90 percent a year ago. “Some prospective buyers are definitely feeling an affordability crunch,” Khater says.
Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 9:
- 30-year fixed-rate mortgages: averaged 4.59 percent, with an average 0.5 point, dropping from last week’s 4.60 percent average. Last year at this time, 30-year rates averaged 3.90 percent.
- 15-year fixed-rate mortgages: averaged 4.05 percent, with an average 0.5 point, falling from last week’s 4.08 percent average. A year ago, 15-year rates averaged 3.18 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.90 percent, with an average 0.3 point, falling from last week’s 3.93 percent average. A year ago, 5-year ARMs averaged 3.14 percent.