Dennis Norman
By: Dennis Norman
Freddie Macs weekly mortgage market survey mortgage rates dropped this past week, making it the third week in a row rates came down.
The survey shows 30 year fixed rate mortgages averaging 5.14% with 0.7% in fees and points, down from 5.20% the week before. This is the lowest rate reported in Freddie Mac’s survey for a 30 year fixed rate loan since May. Rates on 15 year fixed-rate mortgages dropped very slightly as well, down to 4.63% from 4.69% the week before, 5/1 ARM’s held about the same at 4.83% and 1 year ARM’s dropped from 4.82% to 4.78%.
“Average fixed-rate mortgage rates were lower than last week and were down 0.4 percent to 0.5 percent from the levels of early June.,” said Frank Nothaft, Freddie Mac vice president and chief economist. “For a 30-year fixed-rate mortgage, the rate reduction over the past five weeks translates into a monthly payment saving of $56 on a $200,000 loan.
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