Lower U.S. Mortgage Rates in July

U.S. Mortgage Rates Dip in Late July Source:  World Property Journal | By WPJ Staff | July 24, 2015 9:43 AM ET According to Freddie Mac's latest Primary Mortgage Market Survey for mid-July, fixed mortgage rates in the U.S. reversed course once again and moving lower amid mixed economic and housing data. Sean Becketti, chief economist at Freddie Mac says, "U.S. Treasury yields dropped following announcements that many blue chip companies' earnings failed to meet expectations. This drove the 30-year fixed rate mortgage down 5 basis points to 4.04 percent this week. Housing continues to be the bright spot in the economic recovery. Existing home sales beat market expectations coming in at a seasonally adjusted annual rate of 5.49 million homes. This is up 9.6 percent from a year ago and the fastest pace since 2007. Also, housing starts jumped 9.8 percent responding to strong demand in the multifamily market." Freddie Mac News Facts 30-year fixed-rate mortgage (FRM) averaged 4.04 percent with an average 0.6 point for the week ending July 23, 2015, down from last week when it averaged 4.09 percent. A year ago at this time, the 30-year FRM averaged 4.13 percent. 15-year FRM this week averaged 3.21 percent with an average 0.6 point, down from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 3.26 percent. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week with an average 0.5 point, up from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 2.99 percent. 1-year Treasury-indexed ARM averaged 2.54 percent this week with an average 0.3 point, up from last week when it averaged 2.50 percent. At this time last year, the 1-year ARM averaged 2.39 percent. ' Global Real Estate Contributor, Frederick Oyugi, SRS, CBR, SFR, is a Licensed Realtor in New York City, serving clients in the sale, lease and purchase of residential and commercial real estate.  With recognized designations to serve Sellers and Buyers, he is a committed and dedicated professional. As a founding member of the New York International Real Estate Alliance, he engages his interest in the international aspects of Real Estate.   Listings Portfolio