Mortgage Rates Continue Trend Higher

Mortgage Rates Near Record Lows
Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS®) today, showing average fixed mortgage rates continuing to trend higher for the week on more market speculation that the Federal Reserve will reduce future bond purchases following June’s strong employment report.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages moved up to 4.51 from 4.29 percent last week. Last year at this time the 30-year FRM averaged 3.56 percent.

15-Year Fixed Rate Mortgages

Average 15-year fixed rate mortgages rose to 3.53 percent from 3.39 last week. Last year at this time, the 15-year FRM averaged 2.86 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) moved up to 3.26 percent from 3.10 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  stayed at 2.66 percent. 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:

“June’s strong employment led to more market speculation that the Federal Reserve will reduce future bond purchases causing bond yields to rise and mortgage rates followed. The economy gained 195,000 jobs in June, above the market consensus forecast, while revisions to the prior two months added 70,000 on top of that. Moreover, hourly wages rose by 2.2 percent over the last 12 months and represented the largest annual increase in nearly two years. However, the minutes of the June 18th and 19th Federal Reserve’s monetary policy committee meeting, released July 10th, stated that many members indicated further improvement in the outlook for the labor market would be required before it would be appropriate to slow the pace of bond purchases.”

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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