Rates rebounded for the second straight week, but still remain near historic lows.
For the week ending August 20, Freddie Mac announced that 30-year fixed rates rose to 2.99% from 2.96% the week before. The average for 15-year loans increased to 2.54% and the average for five-year ARMs moved up to 2.91%. A year ago, 30-year fixed rates averaged 3.55%, over .50% higher than today. "Purchase housing demand continues to accelerate, ultimately providing support to an economy that otherwise has stagnated. The surge in sales led to a rapid increase in the demand for remodeling and home furnishings as consumers look to renovate while adjusting to home life during COVID," 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 21, 2020
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Daily Value
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Monthly Value
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August 20
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July
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6-month Treasury Security
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0.13%
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0.14%
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1-year Treasury Security
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0.12%
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0.15%
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3-year Treasury Security
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0.15%
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0.17%
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5-year Treasury Security
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0.26%
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0.28%
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10-year Treasury Security
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0.65%
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0.62%
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12-month LIBOR
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0.447% (July)
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12-month MTA
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1.020% (July)
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11th District Cost of Funds
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0.682% (June)
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Prime Rate
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3.25% (March)
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