Interest rates as measured by Freddie Mac’s Primary Mortgage Market Survey ended a four-week decline and nudged higher this week in response to modest wage growth and a precipitous fall in the Chinese yuan.
Mortgage rates inched up, increasing 3 basis points to 3.94 percent from last week. Headed into the fall, interest rates will reflect tension over the September meeting of the Federal Reserve’s Open Markets Committee, with dollar appreciation weighing against possible Fed rate hikes. This week’s jobs report for July showed that the economy added 215,000 jobs, in line with expectations. Wage growth remains modest at 2.1 percent compared to the same time last year, and another solid employment report leaves a potential Fed rate hike on the table for the September meeting.
- 30-year fixed-rate mortgage (FRM) averaged 3.94 percent with an average 0.6 point for the week ending August 13, 2015, up from last week when it averaged 3.91 percent. A year ago at this time, the 30-year FRM averaged 4.12 percent.
- 15-year FRM this week averaged 3.17 percent with an average 0.6 point, up from last week when it averaged 3.13 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.93 percent this week with an average 0.5 point, down from last week when it averaged 2.95 percent. A year ago, the 5-year ARM averaged 2.97 percent.
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