Weekly Interest Rate Overview

The Markets. Rates were relatively flat again in the past week with a slight downtrend. Freddie Mac announced that for the week ending August 14, 30-year fixed rates averaged 6.52%, the same as the week before. The average for 15-year fixed fell slightly to 6.07%. The average for one-year adjustables decreased to 5.18% and five-year adjustables fell to 6.02%. A year ago 30-year fixed rates were at 6.62%. "Rates held relatively steady for the second week in a row amid offsetting economic data releases," said Frank Nothaft, Freddie Mac vice president and chief economist. "For instance, consumer credit grew by $14 billion in June, more than twice the market consensus, but retail sales were weaker in July. News was mixed for the housing market as well. Pending existing home sales unexpectedly rose in June, signaling a possible increase in home sales in July and August, according to the National Association of Realtors. Offsetting that information was the news that commercial banks tightened lending standards even more for prime, nontraditional and subprime mortgages in July according to the Federal Reserve, an action that may dampen further home sales activity going forward."