After five consecutive weeks on the rise, mortgage rates finally took a very mild dip.
According to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC), the 30-year fixed-rate mortgage averaged 6.67% as of Aug. 13, down from last week when it averaged 6.69%. A year ago at this time, it averaged 6.58%.
The 15-year fixed-rate mortgage averaged 5.96%, down from last week when it averaged 6.01%. A year ago at this time, it averaged 5.71%.
“Mortgage rates remained relatively stable this week at 6.67%,” said Sam Khater, Freddie Mac’s chief economist. “Housing affordability has improved from a year ago, and recent increases in purchase and refinance applications suggest that borrowers continue to respond to even modest changes in mortgage rates.”
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