Freddie Mac Report: Mortgage Loan Rates Encouraging

June 20, 2013 by Paul Ausick

New homeIn its weekly Primary Mortgage Market Survey, home lending giant Freddie Mac reported that mortgage rates for fixed-rate loans have fallen for the first time in seven weeks.

The interest rate on a 30-year fixed-rate mortgage slipped from a prior week average of 3.98% to 3.93%, still well above the rate of 3.66% in the same week a year ago.

One year ago the 15-year fixed-rate stood at 2.95%. That rate also dropped this week, from 3.1% last week to 3.04%.

The interest rate on a five-year Treasury adjustable-rate mortgage loan remained flat with the prior week at 2.79%, and it is slightly above the rate of 2.77% in the same week a year ago. The one-year Treasury-indexed adjustable-rate mortgage loan interest rate fell from 2.58% to 2.57%, and it is up from 2.74% one year ago.

According to yesterday’s data from the Mortgage Bankers Association, new loan applications slipped 3.3% last week, as refinancings remained below 70% of all applications. Lower mortgage loan rates could lead to another uptick in refinancings, if this is the start of a trend toward lower rates.

The Modern Investment App For a Richer Tomorrow (Sponsored)

Robinhood set out to democratize investing to individuals, and it’s not slowing down. The app makes it possible to buy and sell stocks, mutual funds, trade options, and even cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

With FDIC insurance ,an award winning design, and benefits like IRAs and more, Robinhood could be your path to a richer tomorrow.

Sign up today — click here to start your journey.