Freddie Mac's weekly report on mortgage rates on average remained almost the same for fixed-rate mortgage rates.
Both the 30- and 15-year rates rose just two basis points to 5.14% and 4.58%, respectively, with an average 0.7 point.
Meanwhile, adjustable mortgage rates were mixed with 5/1 hybrid ARM rates higher by 10 basis points to 4.67%, while one-year ARM rates remained the same at 4.69%.
The 30-year mortgage rates remain at their lowest since the end of May when rates were below 5%.
Given this opportunity following rates in the 5.30% to 5.60% range seen for part of this summer, and reduced odds of a decline back below 5%, should keep refinancing activity more stimulated.
In yesterday's report from the Mortgage Bankers Association (MBA) for the week ending Aug. 21, the Refinance Index jumped nearly 13% to over 2200 as mortgage rates dropped from 5.29% to 5.12% during that week.
For August, 30-year fixed mortgage rates averaged 5.19%, which is almost the same versus July's 5.22% average.
Through the first three weeks of August, the MBA Refinance Index has averaged 2024 compared with1933 in July. The impact of this activity will be seen in the September reports, which will be released in October.
Considering the generally flat activity, FNMA speeds are projected to be little changed, following an expected 10% decline in August.
