Mortgage rates dipped slightly for the week ended Aug. 14, reversing any increase made last week, according to the latest Freddie Mac Primary Mortgage Market Survey.
The 30-year, fixed-rate mortgage averaged 4.12%, down from 4.14% a week ago and 4.40% a year prior.
In addition, the 15-year, FRM fell from 3.27% last week to 3.24%, and is also down from 3.44% in 2013.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage came in at 2.97%, compared to 2.98% the previous week and 3.23% the previous year.
The 1-year Treasury-indexed ARM averaged 2.36% for the week, marginally up from 2.35% last week but down from 2.67% last year.
“Mortgage rates were down slightly amid a week of light economic reports. Of the few releases, retail sales were virtually unchanged in July after a 0.2% increase in June, ending five months of increases. Excluding motor vehicles and parts, retail sales were up 0.1% last month,” Frank Nothaft, vice president and chief economist with Freddie Mac, said.
Meanwhile, Bankrate reported that the 30-year, FRM fell to 4.27% from 4.29% a week ago.
The 15-year, FRM dipped to 3.39%, from 3.40% the week prior, while the 5/1 ARM declined to 3.32%, from 3.34% last week.
“Mortgage rates continue to hover in a very narrow range, fluctuating less than one-tenth of a percentage point since mid-May. While there is no obvious catalyst to jolt rates out of the summer lull seen in the past three months, the risk over the coming week would be two upcoming inflation releases,” Bankrate said.
However, Bankrate cautioned, “A scare from either the Producer Price Index or the Consumer Price Index could cause some volatility. But if the readings are benign, then mortgage rates could revisit their lows of the year seen in late May.”