For the week ending July 25, Freddie Mac announced that 30-year fixed rates moved down to 3.75% from 3.81% the week before. The average for 15-year loans decreased to 3.18% and the average for five-year ARMs moved down slightly to 3.47%. A year ago, 30-year fixed rates averaged 4.54%, more than 0.75% higher than today. “Rates continued to hover near three-year lows and purchase application demand has responded, rising steadily over the last two months to the highest year-over-year change since the fall of 2017. While the improvement has yet to impact home sales, there’s a clear firming of purchase demand that should translate into higher home sales in the second half of this year,” said Sam Khater, Chief Economist, Freddie Mac.
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.