The Wall Street Journal reports that once again, mortgage rates have fallen, extending their record lows another week according to Freddie Mac’s weekly survey of mortgage rates.
The declines come as the Treasurys market has seen continued strength, pushing
yields down. Mortgage rates, all of which have at least touched multi-year lows recently, generally track yields.
For the week ending July 8, a 30-year fixed-rate mortgage averaged 4.57%. The prior week averaged 4.58%. At this time last year, a 30-year fixed-rate mortgage averaged 5.2%. Freddie Mac has been tracking these rates for 39 years, and this is the lowest recorded rate in that history.
15-year fixed-rate mortagges were slightly up, averaging 4.07% as opposed to last week’s 4.04%. Last week’s rate was the lowest since Freddie Mac began tracking these rates in 1991, and down from last year’s 4.69% at this time.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.75%—the lowest level since Freddie started keeping score in 2005—down from 3.79% and 4.82%, respectively. One-year Treasury-indexed ARMs were 3.75%, yet another fresh six-year low, dropping from 3.8% and 4.82%. To obtain the rates, the mortgages required payment of an average 0.7 point. One point is 1% of the mortgage amount, charged as prepaid interest.
Mortgage rates have been dipping slightly these past few weeks, hovering at record levels. From the looks of the recent reports on the housing market and overall economy, they are likely to stay low for a little while. This is good news for buyers who want to lock in a low rate because now is the time. There has also been a recent increase in refinancing mortgage applications as well.
Are you considering refinancing your current mortgage? Do you need financing on the new home you wish to buy? We can help you take advantage of these great rates.
