Interest rates on fixed rate mortgages eased this week following last weeks largest interest rate jump in 26 years according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending July 3rd, 2013.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages fell this week with the 30-year fixed rate mortgage declining seventeen basis points to an average of 4.29 percent with an average of 0.7 points after increasing by fifty-three basis points last week. Mortgage rates have increased by 94 basis points over the last nine weeks. A year ago, the 30-year fixed rate mortgage averaged 3.62 percent.
Average 30-year fixed rates were generally the lowest in the North Central portion of the United States where mortgage rates averaged 4.25 percent while the highest rates were reported in the Southwestern area of the country where interest rates averaged 4.34 percent.
The average rate for a 15-year fixed mortgage also fell this week, averaging 3.39 percent with an average of 0.7 points, down from an average of 3.50 percent last week. At this time last year, the 15-year fixed rate mortgage averaged 2.89 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable-rate mortgages were mixed this week with the 5-year Treasury-indexed hybrid ARM averaging 3.10 percent, with an average of 0.7 points, up from an average of 3.08 percent last week. The 5-year adjustable rate mortgage averaged 2.79 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.66 percent with an average of 0.4 points, unchanged from last week. A year ago, the 1-year adjustable rate mortgage averaged 2.68 percent.
Tags: 15-year fixed, 30-year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury
Reported by Shirley Allen