Time to once again look at the average mortgage rates reported for the week of 7-26-2014 by the MBA, Freddie Mac and Bankrate…
Freddie Mac Reported:
- 30 year fixed rate mortgages averaged 4.13% with an average 0.6 point
- This is unchanged from last week
- Last year at this time, 30-year fixed rate mortgages averaged 4.31%
- 15 year fixed rate mortgages averaged 3.26% with an average 0.6 point
- This is up from last week when it averaged 3.23%
- Last year at this time, 15 year fixed rate mortgages averaged 3.39%
Check out the mortgage rate chart from Freddie Mac:
The average 30 year fixed rate mortgage fell 2 basis points to 4.28%
The average 15 year fixed rate mortgage rose 1 basis point to 3.41%
The average rate for a 30 year jumbo mortgage fell 3 basis points to 4.34%
The Mortgage Bankers Association Reported:
The average contract interest rate for 30 year fixed rate mortgages with conforming loan balances ($417,000 or less) remained unchanged at 4.33%, with points increasing to 0.23 from 0.20 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The average contract interest rate for 30 year fixed rate mortgages with jumbo loan balances (greater than $417,000) decreased to 4.21%, the lowest level since May 2013, from 4.23%, with points decreasing to 0.20 from 0.26 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The average contract interest rate for 15 year fixed rate mortgages increased to 3.47% from 3.41%, with points increasing to 0.28 from 0.23 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The Take Away:
No big changes this week with mortgage rates. Which means the window of opportunity for home buyers is still open!
Not much time for more discussion this week as I started changing the search function once again. Getting all the bugs worked out means I am short on time.
Hopefully I will get things back to normal and start writing on a more regular schedule soon.
We really have to look forward to the coming week since there is a bunch of reports coming out that will affect mortgage rates. The stuff to watch this coming week includes:
- Jobs Report
- The Fed
All 3 will impact rates but it may be 2 weeks before we see all of the results from this news. Everyone is expecting the Fed to continue the tapering of QE. If GDP and the Jobs Report indicate more strength in the economy, it will put upward pressure on mortgage rates.
As always, I am providing this to you for informational purposes only! I am not a mortgage lender and you should contact the lender of your choice directly to learn more about its mortgage products and your eligibility for such products.