Mortgage rates rose incrementally for the second-straight week, according to Freddie Mac’s Primary Mortgage Market Survey, released Thursday. The rate for a 30-year fixed mortgage averaged 4.53 percent for the week ending August 17, down from last week’s 4.59 percent average but up significantly from a 3.89 percent average one year ago.

The rate for a 15-year fixed mortgage averaged 4.01 percent for the week, down from last week’s 4.06 percent and up from the 3.16 percent it was at during the same period last year. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.87 percent – down from last week’s 3.90 percent average and up from the 3.16 percent average this week last year.

“This stability in borrowing costs comes despite the highest core inflation rates since 2008 and turbulence in the currency markets,” said Sam Khater, Freddie Mac’s chief economist. “Unfortunately, this pause in rates is not leading to increasing home sales.”

“Purchase mortgage applications trailed year-ago levels again last week, and it’s clear that in some markets the combination of ascending home prices, limited affordable inventory and this year’s higher rates are curtailing homebuyer demand,” Khater added.

Danielle Hale, chief economist for Realtor.com, said geopolitical and economic uncertainty have driven investors to ‘risk-free’ Treasury investments, which has led to lower rates and higher prices.

“As concerns about how emerging markets will fare as U.S. monetary policy tightens and the dollar strengthens, driving Treasuries lower, mortgage rates could slip from last week,” said Hale. “Despite any small moves lower, rates will still be roughly 60 to 70 basis points higher than one year ago.”

Email Patrick Kearns

Back to top
Will you attend ICLV virtually or in-person? The agenda is packed with stellar speakers and sessions.Learn More×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription