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Mortgage rates hold steady at 2.87%

The average 30-year fixed-rate mortgage held steady at 2.87% for the week ending in August 26, according to mortgage rates data released Thursday by Freddie Mac‘s PMMS.

The week prior, mortgage rates declined slightly to 2.86%. This week’s near constant mortgage rates may not yet reflect a rise in U.S. Treasury yields, which ticked up toward the end of the week. The 10-year Treasury yield for August 25 was 1.35.

According to Sam Khater, chief economist at Freddie Mac, concerns over COVID-19 stand in sharp contrast to the economic recovery, leading to stalled mortgage rates.

“The tug-of-war between the details ⇒

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