Mortgage Rates Ease

Mortgage Rates Near Record Lows

Freddie Mac released the results of its Primary Mortgage Market Survey today which shows average fixed mortgage rates easing for the second consecutive week helping to alleviate concerns over a slowdown in the housing market and amid recent strong homes sales data for June.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages fell to 4.31 from 4.37 percent last week. Last year at this time the 30-year FRM averaged 3.49 percent.

15-Year Fixed Rate Mortgages

Average 15-year fixed rate mortgages dipped to 3.39 percent from 3.41 last week. Last year at this time, the 15-year FRM averaged 2.80 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) moved down to 3.16 percent from 3.17 percent last week. A year ago, the 5-year ARM averaged 2.74 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM went down slightly to 2.65 percent from 2.66 percent last week. Last year at this time, the 1-year ARM averaged 2.71 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:

“Mortgage rates eased for the second consecutive week which should help to alleviate market concerns of a slowdown in the housing market. Thus far, existing home sales for June were the second highest since November 2009 and new home sales were the strongest since May 2008. In addition, the low inventories of homes for purchase are putting upward pressure on house prices. For instance, the FHFA purchase-only house price index increased for the 16th consecutive month in May and was 7.3 percent above the May 2012 figure; May’s index level was the highest since September 2008.”

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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