Weekly Freddie Mac Update:
MORTGAGE RATES DOWN: FOR THIRD CONSECUTIVE WEEK
30-year fixed-rate mortgage: Averaged 5.14 percent with an average 0.7 point for the week ending July 16, 2009, down from last week when it averaged 5.20 percent. Last year at this time, the 30-year FRM averaged 6.26 percent.
15-year fixed-rate mortgage: Averaged 4.63 percent with an average 0.7 point, down from last week when it averaged 4.69 percent. A year ago at this time, the 15-year FRM averaged 5.78 percent.
Five-year Treasury-indexed hybrid ARMs: Averaged 4.83 percent this week, with an average 0.7 point, up slightly from last week when it averaged 4.82 percent. A year ago, the 5-year ARM averaged 5.80 percent.
One-year Treasury-indexed ARMs: Averaged 4.76 percent this week with an average 0.5 point, down from last week when it averaged 4.82 percent. At this time last year, the 1-year ARM averaged 5.10 percent.
Freddie Sayz
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. more freddie Thanks for Reading www.yourpropertypath.com
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