Fixed mortgage rates remain at an all time low, a continued streak among the improving housing market. According to RealtorMag.com, Freddie Mac predicts that fixed mortgage rates will likely remain low in the near future.
Below is a look at mortgage rates for the week ending July 19, as seen on RealtorMag.com:
- 30-year fixed-rate mortgages: averaged a new record low of 3.53 percent this week, with an average 0.7 point, dropping from last week’s previous record low of 3.56 percent. The 30-year fixed-rate mortgage has averaged below 4 percent for every week this year except for one. A year ago at this time, 30-year rates averaged 4.52 percent.
- 15-year fixed-rate mortgages: averaged a new record low of 2.83 percent this week, with an average 0.6 point, down from last week’s previous all-time low of 2.86 percent. For eight consecutive weeks, 15-year mortgages have been below 3 percent. Last year at this time, 15-year mortgages averaged 3.66 percent.
- 5-year adjustable-rate mortgages: averaged a new record as well this week at 2.69 percent, with an average 0.6 point, dropping from last week’s 2.74 percent average. Last year at this time, 5-year ARMs averaged 3.27 percent.
- 1-year ARMs: averaged 2.69 percent, with an average 0.4 point, holding steady from last week’s average. A year ago, 1-year ARMs averaged 2.97 percent.
Source: Freddie Mac