Rates were stable for the second straight week. For the week ending July 10, Freddie Mac announced that 30-year fixed rates remained at 3.75%. The average for 15-year loans increased to 3.22% and the average for five-year ARMs moved up one tick to 3.46%. A year ago, 30-year fixed rates averaged 4.53%, over 0.75% higher than today. Attributed to Sam Khater, Chief Economist, Freddie Mac — “The recent stabilization in rates on home loans reflects modestly improving U.S. economic data and a more accommodative tone from the Federal Reserve to respond to the rising downside economic risk from trade tensions and soft global economic data. On the housing front, the latest weekly purchase application data suggests homebuyer demand continues to rise, which is consistent with the slowly improving real estate data from the last two months.
” Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.