Mortgage Rates Holding Near Record LowsAugust 26, 2021
The average rate for a benchmark 30-year mortgage, which inched up 10 basis points (0.10 percentage points) two weeks ago, has effectively held at 2.87 percent, which is 4 basis points below its mark at the same time last year and within 21 basis points of its all-time low.
At the same time, the average rate for a 5-year adjustable rate mortgage has inched back down to 2.42 percent, which is 49 basis points lower than at the same time last year and within 2 basis points of its all-time low, and the average rate for a 15-year fixed-rate mortgage is hovering around 2.17 percent, which is within 7 basis points of its all-time low and 29 basis points lower than at the same time last year.
And despite the drop in rates, purchase mortgage loan activity in the U.S. remains depressed.
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