A modest reduction in rates for single-family loans was made this week. Next week’s report is likely to reflect an even bigger improvement.

Average 30-year fixed rates were 3.90 percent in the Primary Mortgage Market Survey from Freddie Mac for the week ended Aug. 10.

Rates on home loans improved by 3 basis points compared to the preceding week. But the average has risen by 45 BPS versus the same week last year.

Source: Mortgage Daily