After Brief Hike, Mortgage Rates Fall Below 4%

Following two weeks of rate increases, the 30-year fixed-rate mortgage settled back below a 4 percent average this week.

“Continued economic uncertainty and weak inflation data pushed rates lower this week,” says Sean Becketti, Freddie Mac’s chief economist. “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.”

Freddie Mac reported the following national averages with mortgage rates for the week ending July 20:

• 30-year fixed-rate mortgages: averaged 3.96 percent, with an average 0.6 point, dropping from last week’s 4.03 percent average. Last year at this time, 30-year rates averaged 3.45 percent.
• 15-year fixed-rate mortgages: averaged 3.23 percent, with an average 0.5 point, falling from last week’s 3.29 percent average. A year ago, 15-year mortgage rates averaged 2.75 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.21 percent, with an average 0.5 point, dropping from last week’s 3.28 percent average. A year ago, 5-year ARMs averaged 2.78 percent.

Contact San Ramon mortgage broker at Golden Pacific Home Loans for more information about mortgage rates and refinancing opportunity.