Mortgage rates saw mild improvement this week as bond yields crept lower, according to mortgage financier Freddie Mac.
“Low mortgage rates are helping to keep housing very affordable,” said Frank Nothaft, Freddie Mac vice president and chief economist.
“Seven of the top eight most affordable months occurred during this year, according to the National Association of Realtors’® (NAR) Housing Affordability Index, which dates back to 1971.”
“Overall, inflation remains in check while certain sectors of the economy are experiencing some improvement,” he added. (see how mortgage rates are determined)
The standard 30-year fixed dipped to 5.08 percent during the week ending September 3, down from 5.14 percent a week ago and 6.35 percent last year.
The 15-year fixed averaged 4.54 percent, down from 4.58 percent last week and 5.90 percent last year.
Adjustable-rate mortgages experienced similar movement, with the five-year ARM down to 4.59 percent from 4.67 percent and the one-year ARM falling seven basis points to 4.69 percent.
A year ago, the five-year stood at 5.97 percent and the one-year weighed in at 5.15 percent.
The rates above are good for conforming loan amounts at 80 percent loan-to-value; jumbo loans continue about a percentage point higher.
Related Topics:
