Average Fixed-Rate Nearly Unchanged

The average for the 30-year fixed-rate mortgage has hovered around 4.5% for four consecutive weeks. The rates have largely remained unchanged due to conflicted data surrounding the strength of the nation’s economy. According to the weekly survey on mortgage rates conducted by the mortgage giant Freddie Mac, rates on the 15-year fixed-rate mortgage remained unchanged when compared to the previous week and the 30-year fixed-rate mortgage increased slightly by 0.01% when compared the week prior.

According to Freddie Mac’s weekly survey of mortgage rates for the week ending Thursday, June 30th, the average for the 30-year fixed-rate mortgage ticked up slightly to 4.51% from the prior week’s average of 4.50%. The 4.51% average is still below last year’s average of 4.58%.

The same survey has the average for the 15-year fixed-rate mortgage remaining unchanged from the previous week’s average of 3.69%. That average is still well below the 4.04% posted for the 15-year fixed-rate the previous year.

There was a record low set this last week for the Five-year Treasury-indexed hybrid adjustable-rate mortgage, with an average of 3.22%. The new record low follows last week’s average of 3.25% and is considerably lower than the 3.79% posted the previous year.

The average for the One-year Treasury-indexed adjustable-rate mortgage also dropped to 2.97% down from the 2.99% average recorded the previous week still significantly lower than the 3.80% average posted the previous year.

In order to obtain the rates for the fixed-rate mortgages borrowers were required to pay a 0.7 point, while borrowers trying to obtain the adjustable-rate mortgages were required to pay a 0.6 point. A point is considered to be 1% of the mortgage amount and is charged as prepaid interest.