Mortgage Rates Cool Off
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages fell to 4.37 from 4.51 percent last week. Last year at this time the 30-year FRM averaged 3.53 percent.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages dipped to 3.41 percent from 3.53 last week. Last year at this time, the 15-year FRM averaged 2.83 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) moved down to 3.17 percent from 3.26 percent last week. A year ago, the 5-year ARM averaged 2.69 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM held at 2.66 percent this week. Last year at this time, the 1-year ARM averaged 2.69 percent.
Low mortgage rates continue to assist with the housing market recovery. Contact a licensed mortgage loan professional to take advantage of low mortgage rates. Find a loan officer near you.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Fixed mortgage rates fell as Federal Reserve (Fed) Chairman Bernanke helped ease market concerns about the Fed reducing its bond purchases. During a question and answer session following a speech on July 10th, Chairman Bernanke indicated that a highly accommodative monetary policy is what’s needed in the U.S. economy.
“Indications of a slowing in the economic recovery also placed downward pressure on mortgage rates. Consumer sentiment fell to a three month low in July while retail sales in June grew by only 0.4 percent, which was half of the market consensus forecast. In addition, housing starts fell in June to the slowest pace since August 2012.”
Original Source: Freddie Mac Interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.
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