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Mortgage Rates Move Upwards

For the second consecutive week, fixed mortgage rates inched up, but still remain near historical lows, Freddie Mac reports in its weekly mortgage market survey.
“The 10-year Treasury yield remained flat this week in anticipation of the Fed’s July policy meeting,” says Sean Becketti, Freddie Mac’s chief economist. Mortgage rates, on the other hand, rose another 3 basis points to 3.48 percent. Nonetheless, home sales continue to benefit from the persistently low mortgage rates with June’s new home sales coming in at an annualized rate of 592,000 homes — its fastest pace since 2008.”
Freddie Mac reports the following national averages for mortgage rates for the week ending July 28:

· 30-year fixed-rate mortgages: averaged 3.48 percent, with an average 0.5 point, rising from last week’s 3.45 percent average. Last year at this time, 30-year rates averaged 3.98 percent.
· 15-year fixed-rate mortgages: averaged 2.78 percent, with an average 0.5 point, increasing from last week’s 2.75 percent average. Last year at this time, 15-year ARMs averaged 3.17 percent.
· 5-year hybrid adjustable-rate mortgages: averaged 2.78 percent, with an average 0.5 point, holding steady from last week. A year ago, 5-year ARMs averaged 2.95 percent.

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