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Much like the heat waves we’ve seen in our local weather reports, mortgage rates have finally broken their rising trend and have lowered for the second week in a row. Think of Freddie Mac’s Primary Mortgage Market Survey as the weather Doppler of your local news: they give you updated reports on the economic forecast when you need it the most, regardless of other news stories that come and go. Just like the local news, we’ll give you a colorful visual aid to digest the movement of mortgage rates (see above) and we’ll give you the raw numbers if you prefer that. Now here’s Freddie Mac with the economic forecast of the past seven days.
30-year fixed-rate mortgage (FRM) averaged 4.31% with an average 0.8 point for the week ending July 25, 2013, down from last week when it averaged 4.37%. Last year at this time, the 30-year FRM averaged 3.49%.
15-year FRM this week averaged 3.39% with an average 0.8 point, down from last week when it averaged 3.41%. A year ago at this time, the 15-year FRM averaged 2.80%.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.16% this week with an average 0.7 point, down from last week when it averaged 3.17%. A year ago, the 5-year ARM averaged 2.74%.
1-year Treasury-indexed ARM averaged 2.65% this week with an average 0.4 point, down from last week when it averaged 2.66%. At this time last year, the 1-year ARM averaged 2.71%.
Thanks Freddie, sounds like a great weekend ahead for anyone looking to secure a low mortgage rate. Don’t forget later tonight in our broadcast the hard-hitting Lisa “Schlaws” Schlosberg will be examining the right steps to take to prepare for a house fire, followed by Anthony “Banana-Montana” Fontana with NASCAR-related sports news. Closing out the night, Clayton “I’ll Eat That” Closson will discuss sump pumps , a topic that was almost too controversial to be aired on this blog. But for now, here’s Frank Nothaft via satellite to elaborate on Freddie Mac’s economic forecast.
“Mortgage rates eased for the second consecutive week which should help to alleviate market concerns of a slowdown in the housing market. Thus far, existing home sales for June were the second highest since November 2009 and new home sales were the strongest since May 2008. In addition, the low inventories of homes for purchase are putting upward pressure on house prices. For instance, the FHFA purchase-only house price index increased for the 16th consecutive month in May and was 7.3% above the May 2012 figure; May’s index level was the highest since September 2008.”
The post This Just in: Mortgage Rates Drop Again! appeared first on the ZING Blog by Quicken Loans.