Rates Rise

August 19, 2020
Rates Rise
Rates rebounded a bit in the previous week, but still remain near historic lows.

 

For the week ending August 13, Freddie Mac announced that 30-year fixed rates rose to 2.96% from 2.88% the week before. The average for 15-year loans increased to 2.46% and the average for five-year ARMs remained at 2.90%. A year ago, 30-year fixed rates averaged 3.60%, over .50% higher than today. "Homebuyer demand remains strong, especially for those in search of an entry-level home where the improvement in affordability via lower interest rates has a material impact. Even with this week’s uptick, very low rates are providing a significant boost to the housing market that continues to hold up well during this time of uncertainty," 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 14, 2020

 

Daily Value

Monthly Value

 

August 13

July

6-month Treasury Security

0.12%

0.14%

1-year Treasury Security

0.14%

0.15%

3-year Treasury Security

0.19%

0.17%

5-year Treasury Security

0.32%

0.28%

10-year Treasury Security

0.71%

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)