Mortgage Rates Continue to Drop
Fixed mortgage rates continued to ease this week, Freddie Mac reported July 25 in its weekly Primary Mortgage Market Survey.
The 30-year fixed-rate declined 0.06 percent since last week to 4.31 percent (up from 3.49 percent a year ago). The 15-year fixed-rate fell 0.02 percent to 3.39 percent (up from 2.80 percent a year ago).
The one-year adjustable-rate mortgage decreased 0.01 percent to 2.65 percent (down from 2.71 percent a year ago). The five-year Treasury-indexed also dropped 0.01 percent to 3.16 percent (up from 2.74 percent a year ago).
“Mortgage rates eased for the second consecutive week which should help to alleviate market concerns of a slowdown in the housing market,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a news release. “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.”
View Freddie Mac’s weekly Primary Mortgage Market Survey.