Over the past seven days, fixed mortgage rates were slightly lower. More of the same could be in store for the next seven days. While a longer-term increase is forecasted, little change is expected next year.

In its Primary Mortgage Market Survey for the week ended Aug. 23, Freddie Mac reported that the average 30-year fixed rate on a new residential loans was 4.51 percent.

Long-term mortgage rates dipped 2 basis points compared to the preceding week. But a 65-basis-point escalation has occurred versus the same-seven days last year.

Source: Mortgage Daily