The average rate for a 30-year fixed-rate mortgage during the week ending July 3 dropped back to 4.29% in Freddie Mac’s holiday-shortened weekly survey, one week after
“Concerns over the timing of the Federal Reserve's pullback in bond purchases eased somewhat,” Freddie Mac vice president and chief economist Frank Nothaft said in his weekly rate report, which noted that fixed rates eased somewhat in response and adjustable rates rose a bit or remained flat.
The average 15-year FRM rate during the most recent week was 3.39%, down from 3.5%; but the average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage was 3.1%, up from 3.08%, and the average one-year Treasury ARM rate was unchanged at 2.66%.
Average points during the week ending July 3 were as follows: 0.7 of a point for fixed rate and five-year hybrid Treasury ARM loans, and 0.4 of a point for one-year Treasury ARMs.
A year ago, the average weekly 30-year rate was 3.62%, the average 15-year rate was 3.5%, the average five-year Treasury hybrid ARM rate was 2.79% and the average one-year Treasury rate was 2.68%.
