WASHINGTON, Aug. 29 (Xinhua) -- Benchmark mortgage rate edged up but remained low in the United States last week, the U.S. Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, said Thursday.
For the week ending August 29, the 30-year fixed-rate mortgage (FRM) in the United States edged up to 3.58 percent from previous week's 3.55 percent.
The 30-year FRM, the benchmark mortgage rate, was significantly lower than the previous year. For the same period one year ago, the 30-year FRM averaged 4.52 percent.
Besides, Freddie Mac noted that the 15-year FRM this week increased to 3.06 percent, slightly higher than previous week's reading of 3.03 percent. The rate of the 15-year FRM was also lower than 3.97 percent seen in the same period last year.
"Mortgage rates inched up slightly this week, closing the month with the 30-year fixed-rate mortgage rate averaging 3.6 percent -- almost a full percent from the same time last year," said Sam Khater, chief economist of Freddie Mac.
"Low mortgage rates along with a strong labor market are fueling the consumer-driven economy by boosting their purchasing power, which will certainly support housing market activity in the coming months," Khater added.
Freddie Mac, a corporation founded by the U.S. Congress, is aimed at promoting the stability and affordability in the U.S. housing market by purchasing mortgages from banks and other loan makers. The corporation has been conducting weekly surveys on U.S. mortgage rate since April 1971.
