Rates Fall

September 1, 2020
Rates Fall
Rates headed back down in the past week.

 

For the week ending August 27, Freddie Mac announced that 30-year fixed rates fell to 2.91% from 2.99% the week before. The average for 15-year loans decreased to 2.46% and the average for five-year ARMs remained at 2.91%. A year ago, 30-year fixed rates averaged 3.58%, over .50% higher than today. "This year has been anything but normal and as the uncertainty lingers, interest rates remain near record lows. These rates continue to incentivize potential buyers and the home buying season, which shifted from spring to summer, will likely continue into the fall," said Sam Khater, Chief Economist, Freddie Mac.

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices for Adjustable Rate Mortgages
Updated August 28, 2020

 

Daily Value

Monthly Value

 

August 27

July

6-month Treasury Security

0.11%

0.14%

1-year Treasury Security

0.13%

0.15%

3-year Treasury Security

0.19%

0.17%

5-year Treasury Security

0.31%

0.28%

10-year Treasury Security

0.74%

0.62%

12-month LIBOR

 

0.447% (July)

12-month MTA

 

1.020% (July)

11th District Cost of Funds

 

0.682% (June)

Prime Rate

 

3.25% (March)