Mortgage Rates Flat

Mortgage Rates Flat

Sun Staff Reports

Economic growth and the acceleration in inflation have moderated in the last month, giving the markets comfort and leading to a stabilization in mortgage rates.

“Heading into the fall, home purchase demand is stable, home sales remain firm and above pre-pandemic levels,” Freddie Mac reported.

“The inventory of unsold homes is tight but improving modestly.”

According to Freddie Mac, these factors will allow for home price pressures to ease over the remainder of the year.

Freddie Mac’s Sept. 2 Primary Mortgage Market Survey showed that the 30-year fixed-rate mortgage stood at 2.87%.

The 15-year fixed-rate mortgage was at 2.18% and 5-1 ARM, was at 2.87% — the “5” indicates that the 2.87% rate will remain in effect for five years. The “1” means that the rate will change each year for the life of the loan.