Mortgage Rates Remain Steady

Freddie Mac reports that long-term mortgage rates held steady during the week ended August 7. Interest rates on 30-year fixed rate loans were unchanged from a week earlier, at 6.52%, but were down slightly from 6.59% at this time last year. Movement on borrowing costs for other types of loans was mixed, with the rate on 15-year fixed mortgages bumping up to 6.10% from 6.07% but the average interest on adjustable-rate products dipping. One-year ARMs dropped to 5.22% from 5.27%, while five-year ARMs settled at 6.05% compared to 6.07% last week.

It will be curious to see if these relatively unchanged mortgage rates trickle into the commercial real estate business. One thing is for sure though, the Nashville rental market is on fire!!

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