Mortgage rates didn’t move this week as the market remains cautious before gaining more information on the second quarter’s GDP growth.
“Markets are erring on the side of caution ahead of the second estimate for second-quarter GDP and Fed Chair Janet Yellen’s speech on Friday,” Freddie Mac Chief Economist Sean Becketti said.
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(Source: Freddie Mac)
The 30-year fixed-rate mortgage averaged 3.43% for the week ending August 25, 2016. This is unchanged from last week and down from last year’s 3.84%.
Likewise, the 15-year FRM remains unchanged from last week at 2.74%, but down from last year’s 3.06%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage increased slightly to 2.75%, up from last year’s 2.74% but down from last year’s 2.9%.
“Treasury yields were little changed from the prior week and the 30-year fixed-rate mortgage held steady at 3.43% this week,” Becketti said. “This marks the ninth consecutive week that mortgage rates have been below 3.5%.”