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Mortgage rates fell for the fifth time in six weeks, according to mortgage mortgage giant Freddie Mac's most recent mortgage market survey. The 30-year fixed mortgage rate averaged 4.52% for the week ending July 5th, down from last week's 4.55% average, but significantly above the average of 3.96% from a year ago. Earlier this year not only represented a rise in risk-free borrowing costs, but for investors, the mortgage gap also climbed back to more normal levels of about 20 basis points, said Sam Khater, Chief Economist of Freddie Mac. "What it means to buyers is good news." Mortgage rates may have a bit more leeway to come down in the very near future. "
" While the current economic expansion is in its tenth year "Single-family residential real estate was initially slow to recover," added Khater. "Now, backed by the demographic wind provided by millennials reaching peak age to buy their first home , the housing market should have some room for improvement. "
Rates for a 15-year fixed rate mortgage also decreased slightly, averaging 3.99%, down 0.4% from Last year at this time, a 15-year fixed-rate mortgage averaged 3.22%.
A five-year-indexed Hybrid Variable Rate Mortgage (MRA) was also in place. this week, falling from 0.3% to 3.74%. Last year at that time, the five-year ARM was on average 3.21%
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Danielle Hale, chief economist at realtor.com, said the uncertainty surrounding Trump's administration rates has kept Mortgage rates at a stable level
"Uncertainty over customs duties drove down bond and mortgage rates this week. landing at 4.52 percent, "said Hale in a statement." This rate hike, coupled with price growth, means that principal and interest payments on the list type cost nearly $ 170 more per month, up 16% over last year. "she added." The way the rates will impact the mortgage market is to determine whether or not they have a impact on economic growth, which has so far proved resilient. "
Email Patrick Kearns
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