Rates moved up last week in the wake of the strong jobs report and inflation data.
For the week ending August 12, Freddie Mac announced that 30-year fixed rates increased to 2.87% from 2.77% the week before. The average for 15-year loans rose to 2.15% and the average for five-year ARMs increased to 2.44%. A year ago, 30-year fixed rates averaged 2.96%, slightly higher than today. Attributed to Sam Khater, Chief Economist, Freddie Mac - "Following last Friday's strong jobs report, which revealed broad based gains in employment and wage growth, mortgage rates are moving higher. After dropping for six consecutive weeks, the 30-year fixed-rate mortgage increased by ten basis points week-over-week. Despite the rise, rates remain very low, particularly given that economic growth is strong and will continue into next year.”
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 August 13, 2021
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Daily Value
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Monthly Value
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August 12
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July
|
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6-month Treasury Security
|
0.06%
|
0.05%
|
|
1-year Treasury Security
|
0.09%
|
0.08%
|
|
3-year Treasury Security
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0.46%
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0.40%
|
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5-year Treasury Security
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0.83%
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0.76%
|
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10-year Treasury Security
|
1.36%
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1.32%
|
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12-month LIBOR
|
|
0.235% (July)
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12-month MTA
|
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0.093% (July)
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11th District Cost of Funds
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0.282% (June)
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Prime Rate
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|
3.25% (3/20)
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