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  • Mortgage Rates Inch Up Slightly This Week

    July 22, 2016
  • Mortgage rates across the board ticked up this week, but still hover near historical lows.

    “Post-Brexit volatility tapered off over the last two weeks, allowing interest rates to bounce back a bit from their record (10-year Treasury yield) and near-record (30-year mortgage rate) lows,” says Sean Becketti, Freddie Mac’s chief economist. “This week, the 30-year fixed mortgage rate increased 3 basis points to a still-quite-low 3.45 percent. With the Federal Reserve on hold and the UK monetary authority taking at least a one-month breather, we don’t expect any significant movement in mortgage rates in the near-term. This summer remains an auspicious time to buy a home or to refinance an existing mortgage.”

    Freddie Mac reports the following national averages with mortgage rates for the week ending July 21:

    • 30-year fixed-rate mortgages: averaged 3.45 percent, with an average 0.5 point, rising from last week’s 3.42 percent average. Last year a this time, 30-year rates averaged 4.04 percent.
    • 15-year fixed-rate mortgages: averaged 2.75 percent, with an average 0.5 point, rising from last week’s 2.72 percent average. A year ago, 15-year rates averaged 3.21 percent.
    • 5-year hybrid adjustable-rate mortgages: averaged 2.78 percent, with an average 0.5 point, climbing from a 2.76 percent average last week. A year ago, 5-year ARMs averaged 2.97 percent.

    Source: Freddie Mac