For the week ending July 2, Freddie Mac announced that 30-year fixed rates fell to 3.07% from 3.13% the week before. The average for 15-year loans decreased to 2.56% and the average for five-year ARMs eased to 3.00%. A year ago, 30-year fixed rates averaged 3.75%, more than 0.50% higher than today. “Rates on home loans continue to slowly drift downward with a distinct possibility that the average 30-year fixed-rate loan could dip below 3 percent later this year. On the economic front, incoming data suggest the rebound in economic activity has paused in the last couple of weeks with modest declines in consumer spending and a pullback in purchase activity,” 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.