Mortgage Interest Rate Report - July
Last Updated: 7/14/2014
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Mortgage Rates News & Analysis
Long-term mortgage interest rates stayed low in June, according to mortgage finance company Freddie Mac, as mixed economic reports filtered in.
During the first week, the average rate on a 30-year fixed rate mortgage (FRM) rose slightly to 4.14 percent, excluding points, up from 4.12 percent the week before. The 15-year FRM inched up to 3.23 percent from 3.21 percent and the one-year adjustable rate mortgage (ARM) slipped to 2.40 percent from 2.41 percent.
The next week rates make another rise, with the 30-year FRM jumping to 4.20 percent, the 15-year FRM growing to 3.31 percent and the one-week ARM holding steady at 2.40 percent.
"Mortgage rates continued to climb for the second week in a row following the increase in 10-year Treasury yields,” commented Freddie Mac chief economist and vice president Frank Nothaft. “Also, the economy added 217,000 jobs in May, following a 282,000 surge in April and a 203,000 increase in March. Meanwhile, the unemployment rate in May held steady at 6.3 percent."
The following week rates eased. The 30-year FRM carried an average rate of 4.17 percent while the 15-year FRM slid to 3.30 percent. The one-year ARM however, moved back up to 2.41 percent.
During the last week, mortgage rates fell back to their position from the beginning of the month. The average rate on the 30-year FRM fell to 4.14 percent, the 15-year FRM declined to 3.22 percent and the one-year ARM was barely changed again at 2.40 percent.
“Mortgage rates were down following the release of first quarter real GDP final estimate, which fell at a 2.9 percent annualized rate, a steeper than expected decline and the worst reading since the first quarter of 2009. Also, the seasonally-adjusted S&P/Case-Shiller 20-city home price index was up only 0.2 percent in April from the previous month.”
Domestic economic news seems to be pushing rates higher, but international financial concerns are pushing them lower. This tug of war will likely continue to keep rates from moving much in the next month.