Mortgage rates dropped across the board this week, as the average rate for a 30-year fixed rate mortgage fell to 3.75%, down from 3.81% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 4.54%.
The average rate for a 15-year fixed-rate mortgage was 3.18%, down from 3.23% the previous week.
A year ago at this time, the average rate for a 15-year was 4.02%.
For the week ended July 25, the average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.47%, down slightly from 3.48%.
A year ago at this time, the five-year ARM averaged 3.87%.
The drop follows a slight increase in average rates last week.
“Mortgage 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,” says Sam Khater, chief economist for Freddie Mac, in a statement. “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.”
The post Mortgage Rates Back on the Decline appeared first on MortgageOrb.
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