Mortgage rates relatively unchanged: Freddie Mac
Mortgage rates were virtually unchanged from the previous week following mixed economic and housing data. The 30-year, fixed-rate averaged 4.52% and the 15-year fixed-rate mortgage averaged 3.66% for the week ending July 21.
That's up ever so slightly from last week when the 30-year rate averaged 4.51% and the 15-year rate was 3.65%, according to Freddie Mac. Last year at this time, the 30-year FRM averaged 4.56% and the 15-year rate was 4.03%.
The five-year, Treasury-indexed hybrid adjustable-rate mortgage averaged 3.27%, down from 3.29% last week and 3.79% a year ago.
The one-year Treasury-indexed ARM averaged 2.97% this week, up from 2.95% last week and down from 3.7% last year.
"Although both the overall producer price index and consumer price index fell moderately in June on lower energy costs, the core price indexes inched up," said Frank Nothaft, vice president and chief economist of Freddie Mac. "In addition, consumer sentiment sank to the lowest reading since March 2009, based on figures from the University of Michigan."
Recent housing data also varied. Single-family housing starts jumped 9.4% in June to the strongest pace since November 2010 and homebuilder confidence rebounded in July. Yet, existing home sales fell 0.8% in June and represented the fewest since November.
Mortgage rates took a slight downward tick in the latest Bankrate survey, which looks at rates at the nation's big banks.
The fixed-rate, 30-year mortgage dropped 1 basis point, averaging 4.68% compared to last week's 4.69%.
Other mortgages also saw little to no movement. The 15-year, fixed-rate mortgage averaged 3.82% — unchanged from a week earlier. Meanwhile, jumbo mortgages, or generally those for more than $417,000, slid to 5.17%, a dip of 3 basis points.
Write to Kerry Curry.
Follow her on Twitter @communicatorKLC.
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