Catch your breath everyone. Mortgage rates have slipped down a bit this holiday week(end), according to Freddie Mac’s Primary Mortgage Market Survey. Despite Freddie Mac being a government-run agency, mortgage rates rest for no man, woman or national holiday. This is an old tradition of course: After Paul Revere yelled “The British are coming!” it was followed with “and low interest adjustable rate mortgages as well!” History ignores the second half of the line. After Revere said his famous words, Benjamin Franklin invented the PMMS report to keep weekly reminders of mortgage rate fluctuations alive. It’s all true, check Wikipedia. But if you prefer real facts, check out the raw numbers from this week’s report.
30-year fixed-rate mortgage (FRM) averaged 4.29% with an average 0.7 point for the week ending July 3, 2013, down from last week when it averaged 4.46%. Last year at this time, the 30-year FRM averaged 3.62%.
15-year FRM this week averaged 3.39% with an average 0.7 point, down from last week when it averaged 3.50%. A year ago at this time, the 15-year FRM averaged 2.89%.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.10% this week with an average 0.7 point, up from last week when it averaged 3.08%. A year ago, the 5-year ARM averaged 2.79%.
1-year Treasury-indexed ARM averaged 2.66% this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.68%.
The weekend is coming! The weekend is coming! We here at Quicken Loans hope you all have a wonderful Fourth of July weekend. However, in case you’re itching for some more knowledge on how the mortgage rates fluctuated this week, fear not! Here’s a quote from Frank Nothaft, vice president and chief economist of Freddie Mac.
“Fixed mortgage rates fell over the holiday week as market concerns over the timing of the Federal Reserve’s pullback in bond purchases eased somewhat. Rates are still low by historical standards and should continue to aid in housing affordability and the ongoing recovery of the housing market. For instance, pending home sales rose 6.7% in May to the strongest pace in over six years. In addition, residential construction spending increased in four of the first five months this year.”
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