Digital News Report – Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) showed that the 30-year fixed interest rate mortgage loans stayed at 4.50 percent from the previous week’s data. However, the 15-year fixed rate mortgages increased slightly from the previous week to 3.69 percent.
The 30-year fixed rate mortgages remain low at 4.50 percent with an average 0.8 point from last week. One year ago at the same, time the average rate was 4.69 percent of the fixed rate 30-year mortgage loan.
Fixed rate 15-year mortgage loans increased to 3.69 percent with an average an average 0.7 point, from the previous weeks rate of 3.67 percent. Interest rates remain low compared to last year’s 15-year fixed rates, which was at 4.13 percent at the same time last year.
Frank Nothaft, Vice President, and Chief Economist from Freddie Mac, said in a statement that the mortgage rates are remaining about the same probably due to a soft housing market. In May, he explains, that home sales fell by 3.8 percent. Nothaft also said that the Federal Reserve reported in the June 22, policy committee statement, that the housing segment remains depressed.
By: Tim Edwards