Mortgage rates remain frozen after last week's low
Freddie Mac: Rates unchanged moving into holiday
As the market approaches America’s birthday, mortgage rates stayed relatively unchanged or eased slightly in some cases, according to Freddie Mac’s latest Primary Mortgage Market Survey.
The 30-year, fixed-rate mortgage averaged 4.12% for the week ended July 3, down from 4.14% last week and 4.29% a year ago.
Remaining frozen, the 15-year, FRM hit 3.22%, but is down from 3.39% in 2013.
The 5-year Treasury-indexed hybrid adjustable rate mortgage came in at 2.98%, also unchanged from last week, but marginally down from 3.10% last year.
Meanwhile, the 1-year Treasury-indexed ARM fell from 2.40% last week to 2.38% for this week, and down from 2.66% the prior year.
“Mortgage rates were little changed from the previous week and remain below levels seen the same time last year, which should provide some help with homebuyer affordability in many markets,” said Frank Nothaft, vice president and chief economist with Freddie Mac.
“Recent housing data was better with pending home sales up 6.1 percent in May and overall construction spending showing a slight improvement with private residential spending now up 7.5 percent on yearly basis,” he added.
The data is not too different for Bankrate, reporting that the 30-yr, FRM stayed unchanged at 4.28% from last week.
In addition, the 15-yr, FRM edged higher to 3.40% from 3.39%, while the 5/1 ARM remained frozen at 3.33%.