New mortgage article in RealtorMag dated 08/22/2014, talks about fixed rate mortgages continue to tumble. Mortgage Rates Sink to New Low for 2014 is worth reading…
Despite predictions that mortgage rates were to inch up in the second half of this year, fixed-rate mortgages continue to tumble.
Borrowing costs moved lower this week, as the 30-year fixed-rate mortgage dipped to a 4.10 percent average, Freddie Mac reports in its weekly mortgage market survey. The 30-year fixed-rate mortgages previous low average for the year was 4.12 percent.
Forecasts: Right or Wrong?
Freddie Mac reports the following mortgage rate national averages for the week ending Aug. 21:
- 30-year fixed-rate mortgages: averaged 4.10 percent, with an average 0.5 point, dropping from last week’s 4.12 percent. Last year at this time, 30-year rates averaged 4.58 percent.
- 15-year fixed-rate mortgages: averaged 3.23 percent, with an average 0.6 point, dropping from last week’s 3.24 percent average. A year ago, 15-year rates averaged 3.60 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.95 percent, with an average 0.5 point, dropping from last week’s 2.97 percent average. Last year at this time, 5-year ARMs averaged 3.21 percent.
- 1-year ARMs: averaged 2.38 percent, with an average 0.5 point, rising from last week’s 2.36 percent average. A year ago, 1-year ARMs averaged 2.67 percent.
- Source: freddie mac,
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