Freddie Mac Report: Mortgage Loan Rates Encouraging

New homeIn its weekly Primary Mortgage Market Survey, home lending giant Freddie Mac reported that mortgage rates for fixed-rate loans have fallen for the first time in seven weeks.

The interest rate on a 30-year fixed-rate mortgage slipped from a prior week average of 3.98% to 3.93%, still well above the rate of 3.66% in the same week a year ago.

One year ago the 15-year fixed-rate stood at 2.95%. That rate also dropped this week, from 3.1% last week to 3.04%.

The interest rate on a five-year Treasury adjustable-rate mortgage loan remained flat with the prior week at 2.79%, and it is slightly above the rate of 2.77% in the same week a year ago. The one-year Treasury-indexed adjustable-rate mortgage loan interest rate fell from 2.58% to 2.57%, and it is up from 2.74% one year ago.

According to yesterday's data from the Mortgage Bankers Association, new loan applications slipped 3.3% last week, as refinancings remained below 70% of all applications. Lower mortgage loan rates could lead to another uptick in refinancings, if this is the start of a trend toward lower rates.


Filed under: Housing
Read Full Story

Markets

DJIA 20,935.12 40.29 0.19%
NASDAQ 6,130.70 -2.92 -0.05%
S&P 500 2,397.54 3.52 0.15%
NIKKEI 225 19,613.28 -65.00 -0.33%
HANG SENG 25,403.15 11.81 0.05%
DAX 12,659.15 39.69 0.31%
USD (per EUR) 1.12 -0.01 -0.45%
USD (per CHF) 0.97 0.00 0.19%
JPY (per USD) 111.58 0.69 0.62%
GBP (per USD) 1.30 0.00 -0.13%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.