Mortgage rates mostly stabilized during the week ending July 11 but are still on the edge of three year-lows.
The 30-year fixed-rate mortgage (FRM) remained unchanged from last week’s 3.75%, according to the latest results of Freddie Mac’s Primary Mortgage Market Survey. Last year, the 30-year FRM was 4.53%.
“While rates have moderated, we’re still at nearly three-year lows, which is good news for buyers looking to purchase a home before school starts,” Freddie Mac Chief Economist Sam Khater said.
The 15-year FRM, on the other hand, went up to 3.22% from 3.18% the week before. A year ago at this time, the 15-year FRM averaged 4.02%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) also rose to 3.46% from the week prior, when it averaged
Read More At: Article Source