Tuesday
July 29, 2014

Mortgage Rates Drop Slightly This Week

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Mortgage Rates Drop Slightly This Week

Mortgage rates have been seesawing in recent weeks. Overall rates inched down this week with the 30-year fixed-rate mortgage, the most popular choice among homebuyers, averaging 4.29 percent, Freddie Mac reports in its weekly mortgage market survey.

Freddie Mac reports the following national averages with mortgage rates for the week ending May 1:

  • 30-year fixed-rate mortgages averaged 4.29 percent, with an average 0.7 point, dropping from last week’s 4.33 percent average. Last year at this time, 30-year rates averaged 3.35 percent.
  • 15-year fixed-rate mortgages averaged 3.38 percent, with an average 0.6 point, falling from last week’s 3.39 percent average. A year ago, 15-year rates averaged 2.56 percent.
  • 5-year hybrid adjustable-rate mortgages averaged 3.05 percent, with an average 0.4 point, rising from last week’s 3.03 percent average. Last year at this time, 5-year ARMs averaged 2.56 percent. 

  • 1-year ARMs averaged 2.45 percent, with an average 0.5 point, rising from last week’s 2.44 percent average. A year ago, 1-year ARMs averaged 2.56 percent.

Source: Freddie Mac

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