Mortgage Rates Down for Second Straight Week

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Mortgage rates declined for the second consecutive week, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.65% as of Aug. 20, down from last week when it averaged 6.67%. A year ago at this time, it averaged 6.58%.

The 15-year fixed-rate mortgage averaged 5.95%, down from last week when it averaged 5.96%. A year ago at this time, it averaged 5.69%.

Sam Khater, Freddie Mac’s chief economist, observed, “With a dip in rates providing modest relief for homebuyers, it’s important to remember borrowers can potentially save thousands by shopping around for the best mortgage rate.”