Rates Stay Near 3-Year Lows

“The recent stabilization mortgage rates reflects modestly improving U.S. economic data and a more accommodative tone from the Federal Reserve to respond to the rising downside economic risk from trade tensions and soft global economic data. On the housing front, the latest weekly purchase applicationdata suggests home buyer demand continues to rise, which is consistent with the slowly improving real estate data from the last two months,” says Sam Khater, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages for the week ending July 11:

  • 30-year fixed-rate mortgages: averaged 3.75%, with an average 0.5 point, unchanged from last week. Last year at this time, 30-year rates averaged 4.53%.
  • 15-year fixed-rate mortgages: averaged 3.22%, with an average 0.5 point, rising from last week’s 3.18% average. A year ago, 15-year rates averaged 4.02%.
Source: Freddie Mac