Freddie Mac  today released the results of its Primary Mortgage Market Survey® (PMMS^®), showing fixed mortgage rates reversing course once again and moving lower amid mixed economic and housing data.

News Facts

• 30-year fixed-rate mortgage (FRM) averaged 4.04 percent with an average 0.6 point for the week ending July 23, 2015, down from last week when it averaged 4.09 percent. A year ago at this time, the 30-year FRM averaged 4.13 percent.

• 15-year FRM this week averaged 3.21 percent with an average 0.6 point, down from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 3.26 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week with an average 0.5 point, up from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 2.99 percent.

• 1-year Treasury-indexed ARM averaged 2.54 percent this week with an average 0.3 point, up from last week when it averaged 2.50 percent. At this time last year, the 1-year ARM averaged 2.39 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“U.S. Treasury yields dropped following announcements that many blue chip companies’ earnings failed to meet expectations. This drove the 30-year fixed rate mortgage down 5 basis points to 4.04 percent this week. Housing continues to be the bright spot in the economic recovery. Existing home sales beat market expectations coming in at a seasonally adjusted annual rate of 5.49 million homes. This is up 9.6 percent from a year ago and the fastest pace since 2007. Also, housing starts jumped 9.8 percent responding to strong demand in the multifamily market.”