Mortgage Rates Nudge Slightly Lower This Week

Mortgage Rates Nudge Slightly Lower This Week
Article by: Daily Real Estate News | Friday, July 19, 2013

Following several weeks of increases, mortgage rates decreased, giving some relief to home buyers.

The Fed’s monthly bond purchase program has been keeping mortgage rates low for the past year, but there has been concern recently that the program will be ending soon, which has prompted mortgage rates to move up the last few weeks.

This week, “fixed mortgage rates fell as Federal Reserve Chairman Bernanke helped ease market concerns about the Fed reducing its bond purchases,” says Frank Nothaft, vice president and chief economist, Freddie Mac.

Freddie Mac reported the following national averages with mortgage rates for the week ending July 18:

  • 30-year fixed-rate mortgages: averaged 4.37 percent, with an average 0.7 point, dropping from last week’s 4.51 percent average. A year ago, 30-year rates averaged 3.53 percent.
  • 15-year fixed-rate mortgages: averaged 3.41 percent, with an average 0.7 point, dropping from last week’s 3.53 percent average. Last year at this time, 15-year rates averaged 2.83 percent.
  • 5-year adjustable-rate mortgages: averaged 3.17 percent, with an average 0.6 point, dropping from last week’s 3.26 percent average. Last year at this time, 5-year ARMs averaged 2.69 percent.
  • 1-year ARMs: averaged 2.66 percent, with an average 0.5 point, holding the same as last week. A year ago, 1-year ARMs averaged 2.69 percent.

Source: Freddie Mac; Daily Real Estate News (071913) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

Author: Kenneth Bargers

REALTOR®, Tennis Player, Titans & Vols Fan, Nashvillian... let's connect on Instagram, LinkedIn, Pinterest adn Twitter. Learn more about me at http://www.bargers-solutions.com/about-me

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s