Mortgage Rates Aren’t Budging

Mortgage rates have mostly held steady the past few weeks, with the 30-year fixed-rate loan still averaging below 4 percent.

“The 10-year Treasury yield was relatively flat this week, as was the 30-year mortgage rate, which rose 1 basis point to 3.93 percent,” says Sean Becketti, Freddie Mac’s chief economist. “Despite a strong advance estimate for second-quarter GDP, markets are erring on the side of caution.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 3:

• 30-year fixed-rate mortgages: averaged 3.93 percent, with an average 0.5 point, rising from a 3.92 percent average. Last year at this time, 30-year rates averaged 3.43 percent.
• 15-year fixed-rate mortgages: averaged 3.18 percent, with an average 0.5 point, dropping from last week’s 3.20 percent average. A year ago, 15-year rates averaged 2.74 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.15 percent, with an average 0.5 point, falling from last week’s 3.18 percent average. A year ago, 5-year ARMs averaged 2.73 percent.

Contact San Ramon mortgage broker at Golden Pacific Home Loans for more information about mortgage rates for new home loan or refinancing.