HOMZ - Mortgage rates flat as market remains cautious home prices rise

"Housing is in a similar phase of the economic cycle as many other consumer goods. While there is strong latent demand, low supply has caused prices to rise as shortages restrict the amount of sales activity that otherwise would occur," chief economist Sam Khater commented. Mortgage rates remained flat indicating cautious investors for the economy path forward and potential key decisions made by the Federal Reserve, Zillow economist Matthew Speakman stated. 30-year fixed-rate mortgage averaged 2.86% for the week ending Aug 19, marginally lower from 2.87% recorded in prior week and down from 2.99% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey. Sentiment remains low with data on consumer sentiment and retail sales pointing to rising cases and delta variant hindering economic recovery. 15-year FRM averages 2.16% up from last week when it averaged 2.15% and down from 2.54% in year ago. 5-year Treasury-indexed hybrid adjustable rate mortgage averaged 2.43%, down from 2.44% in prior week,

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Mortgage rates flat as market remains cautious, home prices rise