Average mortgage interest rates tracked by Freddie Mac’s Primary Mortgage Market Survey showed declines across the board for the week ending July 30, 2015. Declining from 4.04% last week, the average 30-year fixed-rate mortgage (FRM) interest rate this week was 3.98%. Compared to the same time last year, the average 30-year FRM was 4.12%.
The 15-year FRM, 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) and 1-year Treasury-indexed ARM also saw declines from the previous week. Last week, the 15-year FRM averaged 3.21% compared to the average 3.17% this week. The average 5-year ARM dropped to 2.95% from 2.97% last week while the average 1-year ARM dipped to 2.52% from 2.54%.
Freddie Mac’s chief economist, Sean Becketti, stated, “The mortgage rate has bounced between 3.98 and 4.09 percent since the first full week of June, falling a bit when events overseas take a turn for the worse and rising when the clouds appear ready to part. With no clear direction coming from the Fed this afternoon, we expect more of the same in the coming weeks.” Read the full press release at http://mwne.ws/1eDMahJ.