Home loan Rates Ease From Yearly High
Fixed-rate mortgages this week reversed course and dropped from last week's highest average for the year, Freddie Mac reports in its week after week home loan business overview.
Freddie Mac reported the accompanying national averages for the week finishing July 23:
• 30-year fixed-rate mortgages: average of 4.04 percent, with a average 0.6 point, dropping from a week ago's 4.09 percent average. A year ago, 30-year rates average 4.13 percent.
• 15-year fixed-rate mortgages: average 3.21 percent, with a average 0.6 point, dropping from a week ago's 3.25 percent average. A year prior, 15-year rates average 3.26 percent.
• 5-year hybrid adjustable-rate mortgages: average 2.97 percent, with a average 0.5 point, rising from last week's 2.96 average. A year ago , 5-year ARMs average 2.99 percent.
• 1-year ARMs: average 2.54 percent, with a average 0.3 point, raising from a last week's 2.50 average. Last year back, 1-year ARMs average 2.39.