Rates “decreased” slightly for second week in a row. ABBA First offers some of the lowest rates available
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Mortgage rates took a step back during the week ending August 16, decreasing slightly for the second consecutive week, according to the Primary Mortgage Market Survey released by Freddie Mac.
The average rate for the 30-year fixed-rate mortgage declined to 4.53%, with an average 0.5 point, from 4.59% in the previous period. The latest average marked an increase from the 3.89% average in the same period in 2017.
ABBA First Mortgage offers a 30 year interest rate as low as 4.25% with 0 points to all qualified borrowers and continues to stay ahead of the national average ineterst rate.
The 15-year fixed-rate mortgage averaged 4.01%, with an average 0.5 point, down from the previous average of 4.05%. A year ago at this time, the 15-year fixed-rate mortgage averaged 3.16%.
ABBA First Mortgage leads the pack again by offering a rate as low as 3.75% with 0 points to all qualified borrowers.
Rates for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.87%, with an average 0.4 point, slipping from the previous average of 3.9%. During the same week last year, the mortgage averaged 3.16%.
Freddie Mac Chief Economist Sam Khater said that mortgage rates staying mostly unchanged week over week has been the dominant theme since late spring. Khater noted that rates have been stable despite turbulent currency markets and the highest core inflation rates since 2008. However, the stability has not resulted in higher home sales.
“Purchase mortgage applications trailed year-ago levels again last week, and it’s clear that in some markets the combination of ascending home prices, limited affordable inventory, and this year’s higher rates are curtailing homebuyer demand,” Khater said