30 year fixed mortgage rates were on the rise from one week earlier, according to the latest report from Freddie Mac for the week ending July 6, 2017.
Freddie said that the 30 year fixed mortgage rate averaged 3.96% with an average 0.5 point, a nice increase than last week’s report when the 30 year was 3.88%. It was at a 3.41% average for the same time period last year.
Average rates for the 15-year mortgage was at 3.21%, up from the previous week’s average of 3.17%. Last year’s average for the same time period was 2.74%.
5-year adjustable-rate mortgage (ARM) average rates were 3.21%, with an average 0.5 point, slightly higher than last week’s average 3.17%. A year ago, the 5-year ARM averaged 2.68%.
Sean Becketti, Freddie Mac’s chief economist had issued this statement:
“Global interest rates turned up sharply over the last week. The 10-year Treasury yield was no exception, increasing 10 basis points in a holiday-shortened week. The 30-year mortgage rate followed suit, rising 8 basis points to 3.96 percent.”
Here are what some of the nation’s top lenders are reporting for today’s rates.
Bank of America’s 30-year fixed is 4.00% and the 15-year mortgage is 3.375%. The 10/1 ARM is 3.625% and the 5/1 ARM is 3.125%.
Today at Wells Fargo, the 30-year fixed mortgage purchase rate is 4.125% and the 15-year fixed is 3.50%. The 30-year refinance rate is 4.25% and the 15-year mortgage is 3.625%.
Chase Mortgage is reporting its 30-year fixed rate for the purchase mortgage rate is 4.00% and the 15 year is 3.25%. 30-year fixed mortgage refinance rates are at 4.00% and the 15-year fixed is at 3.25%.
The rates quoted above are reported directly from the lender’s website. They can change at any time and are not guaranteed. If you would like a live rate quote and/or to lock in a mortgage rates, please call me, Erik Sandstrom, at 1-800-779-4547; or email me at Erik.Sandstrom@PrimeLending.com.