Consumers in the market for mortgage loans don’t have to worry about higher rates for now, with the 30-year fixed rate at 4.13 percent this week — that’s just a basis point above the low for the year of 4.12 percent, according to Freddie Mac.
The long-term fixed rate started the year at 4.53 percent, but has steadily decreased to its low for the year of 4.12 percent first reached in May, helping support homebuyer affordability throughout the summer.
Housing market data have been mixed. Existing home sales climbed 2.6 percent to a seasonally-adjusted annual rate of 5.04 million in June, the highest pace since October 2013. But the Commerce Department today reported that new home sales for June plummeted by 8 percent.
Here is a rundown of mortgage rates for the week from Freddie Mac:
30-year fixed-rate mortgage (FRM) averaged 4.13 percent, with an average 0.6 point for the week ending July 24, 2014, unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.31 percent.
15-year FRM this week averaged 3.26 percent, with an average 0.6 point, up from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 3.39 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent this week, with an average 0.5 point, up from last week when it averaged 2.97 percent. A year ago, the 5-year ARM averaged 3.16 percent.
1-year Treasury-indexed ARM averaged 2.39 percent this week, with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.65 percent.