Mortgage rates experienced some ups and downs this week, but nothing substantial, according to mortgage financier Freddie Mac.
“In the housing sector, economic reports were mixed this week. Pending sales for existing homes fell more than expected in May, but April’s increase was revised even higher, according to the National Association of Realtors,” Frank Nothaft, Freddie Mac chief economist, said in a statement.
“Offsetting this decline, the number of mortgage applications for home purchases over the week ending July 4 was nearly 10 percent above the over five-year low set just two weeks prior, despite the holiday break, according to the Mortgage Bankers Association,” he added.
With data mixed, the traditional 30-year fixed-rate mortgage averaged 6.37 percent for the week ending July 10, up from 6.35 percent a week earlier, while the average 15-year fixed fell just a single basis point to 5.91 percent.
The average five-year adjustable-rate mortgage rose four basis points to 5.82 percent, while the one-year ARM stood unchanged at 5.17 percent.
A year ago, the 30-year averaged 6.73 percent, the 15-year 6.39 percent, the five-year 6.35 percent, and the one-year 5.71 percent.
So mortgage rates are still about a half point cheaper than year-ago levels, although rates aren’t necessarily the problem, it’s equity.
Freddie Mac has conducted the weekly survey since the early 70s, with data pulled from mortgages at or below the conforming loan amount with a loan-to-value of 80 percent.
See more in the company’s interest rate archives.
(photo: michaelcooper)
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