Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.

Indicators

Mortgage rates tick up but remain at one-year lows

By: FOX Business

August 15, 2024 at 12:22 PM EDT

Freddie Mac's latest mortgage market survey shows that the average rates for both 30- and 15-year fixed mortgages eged up a bit this week, but only slightly.

Mortgage rates moved up a bit this week but are still at the lowest point they have been in more than a year.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage edged up to 6.49% this week from 6.47% last week. The average rate on a 30-year loan was 7.09% a year ago.

"While rates increased slightly this week, they remain more than half a percent lower than the same time last year," said Sam Khater, Freddie Mac’s chief economist. "In 2023, the 30-year fixed-rate mortgage nearly hit 8 percent, slamming the brakes on the housing market. Now, the 30-year fixed-rate hovers around 6.5 percent and will likely trend downward in the coming months as inflation continues to slow.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The average rate on the 15-year fixed mortgage rose to 5.66% from 5.63% last week. One year ago, the rate on the 15-year fixed note averaged 6.46%.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security. All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.
Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.