Without more homes listed for sale, mortgage money demand has evened out, leading to little week-to-week change. Last week, the 30-year FRM averaged 2.87%.

MCLEAN, Va. – Mortgage rates barely moved this week, however, they still dropped a small amount compared to last week. The 30-year, fixed-rate mortgage averaged 2.86% this week; last week is was 2.87%.

“Mortgage rates stayed relatively flat this week,” says Sam Khater, Freddie Mac’s chief economist. “Housing is in a similar phase of the economic cycle as many other consumer goods. While there is strong latent demand, low supply has caused prices to rise as shortages restrict the amount of sales activity that otherwise would occur.”

Mortgage rate averages for the week of August 19, 2021

• The 30-year fixed-rate mortgage averaged 2.86% with an average 0.7 point, down slightly from last week’s 2.87%. A year ago, it averaged 2.99%.
• The 15-year fixed-rate mortgage averaged 2.16% with an average 0.6 point, up slightly from last week’s 2.15%. A year ago, it averaged 2.54%.
• The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.43% with an average 0.3 point, down slightly from last week’s 2.44%. A year ago, the 5-year ARM averaged 2.91%.

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