7/6/2018 12:06 PM ET
Mortgage rates or interest rates on home loans slipped for the fifth time in six weeks, according to mortgage provider Freddie Mac.
Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 4.52 percent for the week ending July 5, 2018, down from last week’s 4.55 percent. A year ago at this time, the average rate was 3.96 percent.
The 15-year FRM this week averaged 3.99 percent, down from 4.04 percent last week. A year ago at this time, the 15-year FRM averaged 3.22 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.74 percent, down from last week’s 3.87 percent. It was 3.21 percent a year ago.
Sam Khater, Freddie Mac’s chief economist, says after a rapid increase throughout most of the spring, mortgage rates have now declined in five of the past six weeks.
“The run-up in mortgage rates earlier this year represented not just a rise in risk-free borrowing costs, but for investors, the mortgage spread also rose back to more normal levels by about 20 basis points,” he said. “What that means for buyers is good news. Mortgage rates may have a little more room to decline over the very short term.”
by RTTNews Staff Writer
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