Mortgage Rates Dip Into New Territory
Mortgage rates continue to set new record lows, pushing home buyer affordability a little higher each week.The average 30-year fixed-rate mortgage, the most popular option for home buyers, has matched or reached new record lows in 10 of the last 11 weeks, according to Freddie Mac’s weekly mortgage market survey.
This week, "recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove long-term Treasury bond yields lower over the week and allowed fixed mortgage rates to hit new all-time record lows,” says Frank Nothaft, Freddie Mac’s chief economist.
Here’s a closer look at rates for the week ending July 5:
- 3o-year fixed-rate mortgages: averaged a new record low of 3.62 percent, with an average 0.8 point, beating out its previous all-time record low last week of 3.66 percent. A year ago at this time, 30-year rates averaged 4.60 percent.
- 15-year fixed-rate mortgages: averaged 2.89 percent, with an average 0.7 point, also beating out its previous record set last week of 2.94 percent. Last year at this time, 15-year rates averaged 3.75 percent.
- 5-year adjustable-rate mortgages: averaged 2.79 percent, with an average 0.6 point, matching last week’s average. A year ago, 5-year ARMs averaged 3.30 percent.
- 1-year ARMs: averaged 2.68 percent, with an average 0.5 point, also posting a new record low this week. A year ago at this time, 1-year ARMs averaged 3.01 percent.
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