For the week ending July 30, Freddie Mac announced that 30-year fixed rates eased to 2.99% from 3.01% the week before. The average for 15-year loans decreased to 2.51% and the average for five-year ARMs fell to 2.94%. A year ago, 30-year fixed rates averaged 3.75%, approximately 0.75% higher than today. “Rates continue to remain near historic lows, driving purchase demand over 20 percent above a year ago. Real estate is one of the bright spots in the economy, with strong demand and modest slowdown in home prices heading into the late summer. Home sales should remain strong the next few months into the early fall,” 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.