Mortgage Rates Move Down
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates moving down with the average 30-year fixed mortgage rate ducking just under four percent.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.98 percent, down from last week when it averaged 4.04 percent. A year ago at this time, the 30-year FRM averaged 4.12 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.17 percent, down from last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.95 percent, down from last week when it averaged 2.97 percent. A year ago, the 5-year ARM averaged 3.01 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.52 percent, down from last week when it averaged 2.54 percent. At this time last year, the 1-year ARM averaged 2.38 percent.
Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.
Attributed to Sean Becketti, chief economist, Freddie Mac:
“Monday’s 8 percent decline in Chinese stock prices triggered similar — though smaller — sell-offs in global equity markets. The associated flight to quality drove U.S. Treasury yields down nearly 5 basis points. Accordingly, 30-year fixed-rate mortgages fell 6 basis points to 3.98 percent. The mortgage rate has bounced between 3.98 and 4.09 percent since the first full week of June, falling a bit when events overseas take a turn for the worse and rising when the clouds appear ready to part. With no clear direction coming from the Fed this afternoon, we expect more of the same in coming weeks.
“Recent housing data exhibited the same good news/bad news pattern as overseas developments. Coming into this week, existing home sales for June and the latest FHFA house price measures both suggested a stronger tone in the housing market. However this week brought nothing but bad — or at least weaker-than-expected — news. New homes sales [PDF] and pending home sales both weakened and the Case-Shiller house price indices [PDF], while positive, fell below the lower end of expectations. Finally, the inadvertent release of Fed staff projections increased uncertainty over the timing of future Fed rate moves.”
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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