National Average Mortgage RatesAverage national mortgage rates
"Meanwhile, the pressure on affordability is increasing in many emerging economies as the combined effect of steady capital appreciation and higher mortgage rates seems to be giving more potential purchasers a break. Therefore, despite the good economic situation and the sound labour force, there will be no new and portfolio divestments this summer," Khater added.
On average, the 30-year fixed-rate mortgage stood at 4.54% in the weeks ending 26 July, up 2 base points on last week's level. The 30-year fixed-rate mortgage amounted to an average of 3.92% at this point a year ago. The 10-year Treasury Notes, a leading benchmark for the valuation of 30-year fixed-rate loans, have risen 10 bps since last weekend.
A 15-year fixed-rate mortgage also climbed by 2 base points this weekend, averaging 4.02%. One year ago at that point in the year, the 15-year fixed-rate mortgage stood at an average of 3.2%. A five-year average floating interest mortgage from the Treasury indicated variable interest mortgage remained unchanged at 3.87%. At this point last year, the five-year floating interest mortgage stood at an average of 3.18%. "The mortgage rates went up earlier this week, deleting the last months of successive falls.
Aaron Terrazas, Zillow's chief economist, said as the firm published its own interest trackers on July 26, "Although they remained below the recent peaks of early May, they rose nearly 100 bps last year. Friday's second Q2 GDP figures are the most important for the economy as the market does not expect interest rates to change at next week's Open Market Committee session.
Mortgage rates on average are continuing their recent fall
Mortgages rates sustained their recent decline and have now fallen in five of the last six short months, Freddie Mac said. On average, the 30-year fixed-rate mortgage stood at 4.52% in the weekly period ending 5 July, compared with an average of 4.55% last year. One year ago at that point in the year, the 30-year fixed-rate mortgage stood at an average of 3.96%.
The 10-year Treasury Notes, which are used to value 30-year fixed-rate loans, are continuing to decline. Return opened at 2.843% on July 5, down 27bps from a high of 3.113% on May 15. "Mortgage interest rates at the beginning of this year not only led to a hike in risk-free credit charges, but the mortgage spreads for savers also returned to normality by around 20bp.
Mortgages may have a little more room to sink in the very near term," Freddie Mac chief economist Sam Khater said in a news statement. 15-year fixed-rate mortgage this weekend averages 3.99%, compared to last week's average of 4.04%. One year ago at that point in the year, the 15-year fixed-rate mortgage stood at an average of 3.22%.
A five-year, Treasury-indexed, floating hybride mortgage with a variable interest rating averaging 3.74% this weekend, with an average of 0.3 points, compared with last week's average of 3.87%. One year ago at that point in the year, the five-year floating interest mortgage stood at an average of 3.21%.