Mortgage Rates move towards Three-Year Lows

Take your pick, they’re all down this week

Freddie Mac reports the following national averages with mortgage rates for the week ending July 25:

30-year fixed-rate mortgages

• Averaged 3.75%, with an average 0.5 point
• Down from last week’s 3.81% average
• Last year at this time, 30-year rates averaged 4.54%

15-year fixed-rate mortgages

• Averaged 3.18%, with an average 0.5 point
• Down from a 3.23% average last week
• This week in 2018, 15-year rates averaged 4.02%

5-year hybrid adjustable-rate mortgages

• Averaged 3.47%, with an average 0.4 point
• Down from last week’s 3.48% average
• One year ago, 5-year ARMs averaged 3.87%

“Mortgage rates continued to hover near three-year lows and purchase application demand has responded, rising steadily over the last two months to the highest year-over-year change since the fall of 2017. While the improvement has yet to impact home sales, there’s a clear firming of purchase demand that should translate into higher home sales in the second half of this year.”

— Sam Khater; Chief Economist, Freddie Mac

Source: Freddie Mac