After initially moving higher from the previous week, mortgage rates hit a bit of a lull this week. That’s according to Freddie Mac, who reports that the rates market stayed a bit stagnant as opposed to the prior activity.
Specifically, 30-year fixed mortgages averaged 4.15 percent with an average 0.7 point for the week ending July 10. That was up from the previous week, when it averaged 4.12. This rate is lower than it was a year ago at this time, when it weighed in at 4.51 percent.
As for the 15-year fixed, it hit an average of 3.24 percent with an average 0.6 point. That’s up from last week’s average of 3.22 percent, but down from a year ago at this time, when it averaged 3.53 percent. The 5-year ARM was at an average of 2.99 percent this week with an average 0.4 point. That’s up from last week’s average of 2.98 percent and down from 3.26 percent a year ago.
One-year Treasury-index ARMs were at an average of 2.40 percent with an average 0.4 point. That’s up from last week’s 2.38 percent but down from last year’s 2.66 percent.
“Mortgage rates increased for the week as the labor market appears to keep improving,” Freddie Mac vice president and chief economist Frank Nothaft said in a prepared statement. “Based on the employment report released last week, the U.S. economy added 288,000 jobs in June, gained 224,000 in May and increased by 304,000 in April. Also, the unemployment rate in June fell to 6.1 percent from 6.3 percent in May.”
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