In the market for a mortgage? Here’s your weekly Mortgage Minute look at how the major purchase and refi rates shaped up for the week ending Aug. 20.
The average rate for a 30-year, fixed-rate was 3.03 percent, which is a decrease of one basis point compared to the end of last week. A 15-year fixed rate, however, remained static at 2.32 percent.
A 5/1 adjustable-rate mortgage had an average rate of 3.04 percent, down two basis points compared to last week.
For refinance mortgages, 30-year refis were down one basis point to an average rate of 3.02 percent. The 15-year fixed refinance loan was also down one basis point to 2.31 percent.
And finally, per CNET, the average rate for a 10-year fixed refinance loan ended the week at 2.35 percent—an increase of two basis points from last week.