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Mortgage Rates Hover Near Record Lows

by Dave Hiller 08/16/2019

Mortgage Rates August 16, 2019

Chart source: Freddie Mac

With all the chaos in the news including talk of inverted yield curves, the mortgage market remains pretty calm.  Nationally, low interest rates remains in place on the standard 30-year fixed mortgage. With home price appreciation in the low single digits here in the Portland market, home affordability is much better than in previous years. It is a great time to purchase a home.  Read more in the article below.

The 30-year fixed-rate mortgage continued to hover near historical lows this week, lowering borrowing costs for home buyers and refinancing homeowners. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 3.60% this week, unchanged from last week’s average.

“The sound and fury of the financial markets continue to warn of an impending recession; however, the silver lining is mortgage demand reached a three-year high this week,” says Sam Khater, Freddie Mac’s chief economist. “The decline in mortgage rates over the last month is causing a spike in refinancing activity—as homeowners currently have $2 trillion in conventional mortgage loans that are in the money—which will help support consumer balance sheets and increase household cash flow. On top of that, purchase demand is up 7% from a year ago.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 15:

30-year fixed-rate mortgages: averaged 3.60%, with an average 0.5 point, unchanged from last week’s average. Last year at this time, 30-year rates averaged 4.53%.
15-year fixed-rate mortgages: averaged 3.07%, with an average 0.5 point, rising from last week’s 3.05% average. A year ago, 15-year rates averaged 4.01%.
5-year hybrid adjustable-rate mortgages: averaged 3.35%, with an average 0.3 point, falling from last week’s 3.36% average. A year ago, 5-year ARMs averaged 3.87%.


Source: Freddie Mac

About the Author
Author

Dave Hiller

SRS, GRI, SRES®

HOWNW.com Certified Specialist

Core, REALTORS®

License No. 201226626

Oregon Licensed Broker

Hi, I'm Dave Hiller and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.