For the second week in a row, mortgage rates moved lower, according to the latest Freddie Mac report for the week ending July 20, 2017.
Freddie Mac reported the 30 year fixed mortgage average was 3.96% with an average 0.5 point, a decrease from last week’s report when the average was 4.03%. A year ago at this time, it was 3.45%.
Average rates for the 15-year mortgage was at 3.23%, down from the previous week’s average of 3.29%. Last year’s average for the same time period was 2.75%.
5-year adjustable-rate mortgage (ARM) average rate was 3.21%, with an average 0.5 point. Down from last week’s average of 3.28% and last year at the same time when the 5-year ARM averaged 2.78%.
Sean Becketti, Freddie Mac’s chief economist had issued this statement:
“Continued economic uncertainty and weak inflation data pushed rates lower this week. The 10-year Treasury yield fell 5 basis points this week. The 30-year mortgage rate moved with Treasury yields, dropping 7 basis points to 3.96 percent.”
Here are what some of the nation’s top lenders are reporting today.
Bank of America’s 30-year fixed is 3.75% and the 15-year mortgage is 3.00%. The 10/1 ARM is 3.50% and the 5/1 ARM is 3.00%.
The 30-year fixed mortgage purchase rate at Wells Fargo is 4.00% and the 15-year fixed is 3.375%. The 30-year refinance rate is 4.125% and the 15-year mortgage is 3.375%.
Chase Mortgage is reporting its 30-year fixed rate for the purchase mortgage rate is 3.875% and the 15 year is 3.125%. 30-year fixed mortgage refinance rates are at 3.875% and the 15-year fixed is at 3.125%.
The rates quoted above are not guaranteed until lock-in with the respective lender. Your guaranteed rate will depend on various factors including the loan itself, closing costs, buy downs, and rate locks.
If you would like a live rate quote and/or to discuss other possible mortgage options with Banc Home Loans, please call me, Erik Sandstrom, at 1-800-779-4547; or email me at Erik.Sandstrom@PrimeLending.com.
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