Home loan Rates Barely Budge This Week
Day by day Real Estate News | Friday, June 26, 2015
Average fixed-rate mortgages home loans saw little change compared to the previous week, showing signs of strengthening housing market, Freddie Mac reports in its weekly review.
Housing reports for the current week demonstrated that current home deals climbed 5.1 percent in May to a yearly pace of 5.35 million units and new-home deals expanded 22 percent to a yearly pace of 546,000 units.
"Purchasers seem anxious to buy homes before the expected increase in interest rates in the not so distant future," says Sean Becketti, Freddie Mac's chief economist.
Freddie Mac reported the following national averages with mortgage home loan rates for the week finishing June 25:
•30-year Fixed rate home loans: averaged 4.02 percent, with a normal 0.7 point, up from a week ago's 4 percent normal. A year ago now, 30-year rates averaged was 4.14 percent.
•15-year fixed rate home loans: averaged 3.21 percent, with a normal 0.6 point, dropping from a week ago's 3.23 percent normal. A year prior, 15-year rates were 3.22 percent.
•5-year hybrid adjustable: averaged 2.98 percent, with a 0.4 point, dropping from a week ago's 3 percent normal. A year ago right now, 5-year ARMs were 2.98 percent.
•1-year ARMs: averaged 2.50 percent, with a 0.3 point, dropping from a week ago's 2.53 percent normal. A year prior, 1-year ARMs were 2.40