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Freddie Mac: Mortgage rates dip closer to historic lows

For now…

Money House

Mortgage rates slowly edged down, moving closer to historic lows, according to Freddie Mac’s Primary Mortgage Market Survey.

The 30-year, fixed-rate mortgage averaged 4.13% for the week ended July 17, a drop from last week when it averaged 4.15%. In 2013, the 30-yr, FRM averaged 4.37%.

Meanwhile, the 15-yr, FRM came in at 3.23%, a slight decline from 3.24% last week and 3.41% a year ago.

The 5-yr Treasury-indexed ARM fell from 2.99% a week prior to 2.7%. This is also down from 3.17% last year.

The 1-year Treasury-indexed ARM averaged 2.39%, decreasing from 2.40% last week and 2.66% in 2013.

“Mortgage rates were little changed amid a week of light economic reports.  Of the few releases, industrial production rose by 0.2% in June, below the market consensus forecast. Also, the producer price index for final demand rose 0.4% in June, rebounding from a 0.2% decline the prior month,” said Frank Nothaft, vice president and chief economist with Freddie Mac.

In addition, Bankrate reported that the 30-yr, FRM dipped from 4.31% to 4.30%.

The 15-yr, FRM came in at 3.40, down from 3.41%, while the 5/1 ARM stayed unchanged at 3.33%.

“Like many Americans, mortgage rates seem to be taking a midsummer vacation. Economic news has been mixed, and Federal Reserve Chair Janet Yellen's recent Senate testimony indicated that the central bank will not announce a rate hike anytime soon. That's good news for borrowers who have not refinanced yet or need more time to find a house. But don't expect mortgage rates to rest forever,” Bankrate said.

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