My Real Estate Blog

July 16th, 2010 7:21 AM

Freddie Mac today released the results of its Primary Mortgage Market Survey. 30-Year Mortgage Rates tied last week's record low.

30-year fixed-rate mortgage averaged 4.57% for the week ending July 15, 2010, unchanged from last week. Last year at this time, the 30-year averaged 5.14%. This rate ties the all-time low reached last week in Freddie Mac's 39-year survey.

15-year  this week averaged 4.06%, down from last week when it averaged 4.07%. A year ago at this time, the 15-year averaged 4.63%.  

Fixed-rate mortgages continued to hover at 50-year lows, thereby supporting homebuyer affordability and refinance activity. Over the past month, about four out of five conventional loan applications and more than half of FHA and VA loan applications were for refinance.

With today's rates, homebuyers would save about $1,500 in payments each year on a $200,000 loan compared to rates last June.

Posted by Jim McCowan on July 16th, 2010 7:21 AMPost a Comment (0)
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