Low Mortgage Interest Rates - Bill Salvatore, Realty Excellence East Valley - Arizona Elite Properties - 602-999-0952

Mortgage Rates Hover over Historic Lows but Maybe Not for Long

Mortgage Rates Hover over Historic LowsMortgages, mortgage rates, paperwork - Bill Salvatore, Realty Executives East Valley - 602-999-0952
Average fixed mortgage rates ticked up slightly across the board but remain near historic lows, according to the recently released Freddie Mac Primary Mortgage Market Survey®(PMMS®).

“Post-Brexit volatility tapered off over the last few weeks, allowing interest rates to bounce back a bit from their record and near-record lows,” says Sean Becketti, chief economist, Freddie Mac. “The 30-year fixed mortgage rate increased 3 basis points to a still-quite-low 3.45 percent. With the Federal Reserve on hold and the UK monetary authority taking at least a one-month breather, we don’t expect any significant movement in mortgage rates in the near-term. This summer remains an auspicious time to buy a home or to refinance an existing mortgage.”

As Becketti noted, the 30-year fixed-rate mortgage (FRM) averaged 3.45 percent with an average 0.5 point for the week ending July 21, 2016, up from the last week when it averaged 3.42 percent. A year ago at this time, the 30-year FRM averaged 4.04 percent.

The 15-year FRM averaged 2.75 percent with an average 0.5 point, up from the last week when it averaged 2.72 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent.

The PMMS shows that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.78 percent with an average 0.5 point, up from the last week when it averaged 2.76 percent. A year ago, the 5-year ARM averaged 2.97 percent.

For more information, visit www.freddiemac.com.      Reprinted with permission from RISMedia. ©2016. All rights reserved.

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