Sunday
September 21, 2014

Mortgage Rates Hover Near Yearly Lows

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Mortgage Rates Hover Near Yearly Lows

Fixed-rate mortgages remained mostly unchanged this week, with borrowing costs just slightly above their lows for 2014, Freddie Mac reports in its weekly mortgage market survey.

Are low interest rates spooking your potential move-up buyers? Read this: Understanding and Combatting the Rate Lock-in Threat

Freddie Mac reports the following national averages with mortgage rates for the week ending July 24:

  • 30-year fixed-rate mortgages: averaged 4.13 percent, with an average 0.6 point, unchanged from last week. Last year at this time, 30-year rates averaged 4.31 percent.
  • 15-year fixed-rate mortgages: averaged 3.26 percent, with an average 0.6 point, rising from last week’s 3.23 percent average. A year ago, 15-year rates averaged 3.39 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.99 percent, with an average 0.5 point, rising from last week’s 2.97 percent average. Last year at this time, 5-year ARMs averaged 3.16 percent.
  • 1-year ARMs: averaged 2.39 percent, with an average 0.4 point, unchanged from last week. A year ago, 1-year ARMs averaged 2.65 percent.

Source: Freddie Mac