For the week ending August 31, 30-year rates eased to 7.18% from 7.23% the week before.
Slightly softer economic news caused mortgage rates to reverse course last week after increasing for several weeks. For the week ending August 31, 30-year rates eased to 7.18% from 7.23% the week before. In addition, 15-year loans held steady at 6.55%. A year ago, 30-year fixed rates averaged 5.66%, approximately 1.5% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Mortgage rates leveled off this week but remain elevated. Despite continued high rates, low inventory is keeping house prices steady. Recent volatility makes it difficult to forecast where rates will go next, but it might be easier to gauge as the Federal Reserve determines their next steps regarding interest rate hikes in September.”
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 Rates
Updated September 1, 2023
|
Daily Value
|
Monthly Value
|
|
August 31
|
July
|
|
6-month Treasury Security
|
5.48%
|
5.53%
|
|
1-year Treasury Security
|
5.37%
|
5.37%
|
|
3-year Treasury Security
|
4.54%
|
4.47%
|
|
5-year Treasury Security
|
4.23%
|
4.14%
|
|
10-year Treasury Security
|
4.09%
|
3.90%
|
|
6-month LIBOR
|
|
5.861%
|
|
12-month MTA
|
|
4.626%
|
|
SOFR (30-Day Average)
|
|
5.124%
|
|
Prime Rate
|
|
8.50% (7/23)
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