Mortgage Rates Hover at Yearly Lows

Mortgage Rates Hover at Yearly Lows
Article by Daily Real Estate News | August 01, 2014

FreddieMac-LogoMortgage rates have remained mostly steady in recent weeks, keeping borrowing costs near 2014 lows, Freddie Mac reports in its weekly mortgage market survey.

Freddie Mac reports the following national averages for mortgage rates for the week ending July 31:

  • 30-year fixed-rate mortgages: averaged 4.12 percent, with an average 0.6 point, dropping from last week’s 4.13 percent average. Last year at this time, 30-year rates averaged 4.39 percent.
  • 15-year fixed-rate mortgages: averaged 3.23 percent, with an average 0.7 point, falling from last week’s 3.26 percent average. A year ago, 15-year rates averaged 3.43 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.01 percent, with an average 0.5 point, rising from last week’s 2.99 percent average. Last year at this time, 5-year ARMs averaged 3.18 percent.
  • 1-year ARMs: averaged 2.38 percent, with an average 0.4 point, dropping from last week’s 2.39 percent average. Last year at this time, 1-year ARMs averaged 2.64 percent.

Source: Freddie Mac; REALTOR® Magazine, Daily Real Estate News (080114)

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Author: Kenneth Bargers

REALTOR®, Tennis Player, Titans & Vols Fan, Nashvillian... learn more about me at http://www.bargers-solutions.com/about-me

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