30-Year Fixed-Rate Mortgage Rises Two Basis Points This Week

After mortgage rates dropped to their lowest level in over a year Aug. 8, they ticked back up slightly this week. 

The 30-year fixed-rate mortgage (FRM) averaged 6.49% Aug. 15, up two basis points from 6.47% a week ago, according to the results of Freddie Mac’s latest Primary Mortgage Market Survey. A year ago at this time, the 30-year FRM averaged 7.09%.

“While rates increased slightly this week, they remain more than half-a-percent lower than the same time last year,” Freddie Mac’s Chief Economist Sam Khater commented. “In 2023, the 30-year fixed-rate mortgage nearly hit 8 percent, slamming the brakes on the housing market. Now, the 30-year fixed-rate hovers around 6.5 percent and will likely trend down in the coming months as inflation continues to slow. Lower rates are good news for potential buyers and sellers alike.”

The 15-year FRM averaged 5.66% Thursday, up from last week when it averaged 5.63%. A year ago at this time, the 15-year FRM averaged 6.46%.