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Lending

Freddie Mac: Rates stay tame through summer

Hold steady three weeks straight

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Fixed mortgage rates posted little movement for the week ended Sept. 4 amid light economic reports, according to the latest Freddie Mac Primary Mortgage Market Survey.

The 30-year, fixed-rate mortgage averaged 4.10%, unchanged from last week, but down from 4.57% a year ago.

In addition, the 15-year, fixed-rate mortgage came in at 3.24%, down from 3.25% a week prior and 3.59% last year.

The 5-year Treasury-index hybrid adjustable-rate mortgage remained unchanged at 2.97%, but is down from 3.28% a year ago.

The 1-year Treasury-index ARM averaged 2.40%, slightly up from 2.39% a week ago but down from 2.71% last year.

“Mortgage rates were little changed amid a week of light economic reports. Of the few releases, the ISM’s manufacturing index rose to 59.0 in August from 57.1 the previous month. This was the highest reading of the index since March 2011,” said Frank Nothaft, vice president and chief economist for Freddie Mac.

Bankrate posted similar results, with the 30-year, FRM increasing to 4.24% from 4.23%.

The 15-year, FRM fell to 3.37% from 3.38% a week ago, while the 5/1 ARM dipped to 3.25%, down from 3.32% last week.

“Movements in mortgage rates have been very tame all summer, with rates fluctuating within a band of just one-eighth of a percentage point since mid-May. But at some point, that will come to an end. If we get another upbeat jobs report this week, the bond market could begin to realize that higher interest rates are an eventuality, leading mortgage rates higher,” Bankrate said. 

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