The average 30-year fixed mortgage rate rose 10 basis points to 3.97% from 3.87% a week ago. 15-year fixed mortgage rates rose 9 basis points to 3.31% from 3.22% a week ago.
PLEASANTON, Calif.–(BUSINESS WIRE)–As the Fed weighs increasing interest rates, average rates on home loans obtained by millennials fell to 3.763 percent in August, according to the latest Ellie Mae.
As reported by Freddie Mac, the average offered rate for a conforming 30-year fixed-rate mortgage climbed 17 basis points (0.17%), lifting the benchmark mortgage rate to 3.73%, their highest level since early August.
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Futures markets now overwhelmingly expect an interest rate cut later this month after being divided on that question earlier.
Compare some of the month’s best home loan rates for owner-occupiers, including variable, fixed, P&I, interest-only and offset loans.