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According to Mortgage News Daily’s (MND’s) figures in the month of August, on business days, there had been six falls and six rises on the rates, and one day with no movement.
Even if the rises have been bigger than the falls many rates still revolve around 2, making them remarkably low.
The average 30 year fixed mortgage rate is 2.79%, which has gone up by 0.04% basis points
The average 15 years fixed mortgage rate remains unchanged at 1.99%
The average 20 years fixed mortgage rate also remains unchanged at 2.37%
The average 10 years fixed mortgage rate today has gone up by 0.01% to 1.85%
The average 30 years fixed FHA mortgage rate stays the same at 2.68%
While the 15 years fixed FHA average rate has gone up by 0.02% and is sitting at 2.39%
The FHA 5/1 ARM has gone down by 0.01% and today is at 2.5%
In regards to the VA loans, the average 30 year fixed is 2.29% rising by 0.04%
The 15 year fixed VA rate remains unchanged at 2.25%
The 5/1 ARM VA is the same as FHA ARM at 2.5% with a 0.01% drop.
The rates offered to you may vary depending on various internal and external reasons. Like your credit scores, the down payment you are ready to put down, the lenders you choose. It also depends on the stock, treasury bond yields, oil prices, etc.
The thing to understand is when the economy improves the rates also go up and vice versa.
Reference Source: The Mortgage Reports
