The average 30-year fixed mortgage rate rose from 5.66% to 5.73% over the seven-day period ended July 21, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate increased from 5.25% to 5.32%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages rose from 5.15% to 5.26%, and the average rate for one-year Treasury-indexed ARMs climbed from 4.39% to 4.42%. Fees and points averaged 0.4 of a point for fixed-rate mortgages, 0.5 of a point for hybrid ARMs, and 0.6 of a point for one-year ARMs. "As the one-year ARM reaches its highest interest rate level in almost three years, it comes as no surprise that the ARM share, based on number of applications for a mortgage, has fallen noticeably since the beginning of June," said Frank Nothaft, Freddie Mac's chief economist. "And even though long-term rates rose for the third consecutive week, they still remain below 6% -- still relatively close to the phenomenally low rates we experienced in June of 2003." A year ago, the average 30-year and 15-year fixed rates were 5.98% and 5.39%, respectively, and the average one-year ARM rate was 4.12%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.
-
Title insurers, whose activity is highly correlated to mortgage production, wrote $15.1 billion in premiums during 2023, down from $21 billion in 2022 and $26.2 billion for the year before that.
26m ago -
The Federal Open Market Committee held the federal funds rate at current levels, citing "lack of further progress" toward meeting inflation goals.
1h ago -
Both quasi-public mortgage investors have new requirements for when borrowers question valuations. Freddie Mac is expanding use of title insurance alternatives.
1h ago -
A new policy directive aims to fortify critical infrastructure by enhancing collaboration between U.S. intelligence agencies and systemically important financial entities.
3h ago -
Mark Warren and Thom Tillis have introduced the Secure Artificial Intelligence Act of 2024 to address the unique risks of AI.
3h ago -
The April 26 update came two days after the group received preliminary approval for the Sitzer/Burnett agreement.
3h ago