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Mortgage rates hold steady as 30-year fixed edges up
On Aug. 19, the 30-year fixed rate averaged 6.55%, while the 15-year fixed rate fell to 5.87% and the 5/1 ARM eased to 6.31%.
Mortgage and refinance interest rates were relatively stable on Wednesday, Aug. 19, with the 30-year fixed rate ticking slightly higher while shorter terms moved lower, according to Zillow data shared via the Zillow lender marketplace and summarized by Yahoo Finance.
The average 30-year fixed mortgage rate rose to 6.55%, up two basis points from the prior day. The average 15-year fixed rate declined to 5.87%, down seven basis points.
Meanwhile, the 5/1 adjustable-rate mortgage (ARM) eased to 6.31%, down eight basis points from Tuesday. The figures are national averages, rounded to the nearest hundredth, per the outlet’s description of the Zillow Mortgage API.
The report also notes that refinance rates are sometimes higher than purchase rates, but not always, and reiterates that the displayed averages are based on the national lender marketplace rather than individual lender offers.