August Real Estate Roundup

Freddie Mac’s results of its Primary Mortgage Market Survey® shows that “The tug-of-war between the economic recovery and rising COVID-19 cases has left mortgage rates moving sideways over the last few weeks. Overall, rates continue to be low, with a window of opportunity for those who did not refinance under three percent. From a homebuyer perspective, purchase application demand is improving, but the major obstacle to higher home sales remains very low inventory for consumers to purchase.”

• 30-year fixed-rate mortgage (FRM) averaged 2.87 percent with an average 0.6 points for the week ending August 26, 2021, up from last month when it averaged 2.8 percent. A year ago, at this time, the 30-year FRM averaged 2.99 percent.

• 15-year FRM this week averaged 2.17 percent with an average 0.6 points, up from last month when it averaged 2.1 percent. A year ago, at this time, the 15-year FRM averaged 2.51 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.42 percent this week with an average 0.2 points, down from last month when it averaged 2.45 percent. A year ago, at this time, the 5-year ARM averaged 2.94 percent.

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