“Fixed mortgage rates fell as Federal Reserve Chairman Bernanke helped ease market concerns about the Fed reducing its bond purchases,” says Frank Nothaft, vice president and chief economist, Freddie Mac.
Freddie Mac reported these national averages for the week ending July 18:
- 30-year fixed-rate mortgages: averaged 4.37 percent, with an average 0.7 point, dropping from last week’s 4.51 percent average. A year ago, 30-year rates averaged 3.53 percent.
- 15-year fixed-rate mortgages: averaged 3.41 percent, with an average 0.7 point, dropping from last week’s 3.53 percent average. Last year at this time, 15-year rates averaged 2.83 percent.
- 5-year adjustable-rate mortgages: averaged 3.17 percent, with an average 0.6 point, dropping from last week’s 3.26 percent average. Last year at this time, 5-year ARMs averaged 2.69 percent.