Interest rates on fixed- and adjustable-rate mortgages fell this week amid stock market volatility, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.84% for the week ending Aug. 27, a decline from the 3.93% average last week, according to the Freddie Mac
The 3.84% rate is the lowest for the 30-year fixed since May.
The 15-year fixed-rate mortgage averaged 3.06%, down from 3.15% last week, and down from 3.25% a year ago.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.9%, down from 2.94% last week, and down from 2.97% a year ago.
"Events in China generated eye-catching volatility in equity markets worldwide over the past week and interest rates also rocked up and down," Sean Becketti, Freddie Mac's chief economist, said in an Aug. 27 news release.
A plunge in rates could fuel home sales, Becketti said.
