Freddie Mac Weekly Update: 30-Year Fixed-Rate Mortgage Rises to 4.60 Percent
30-year fixed-rate mortgage:
averaged 4.60 percent with an average 0.7 point for the week ending July 7, 2011, up from last week when it averaged 4.51 percent. Last year at this time, the 30-year FRM averaged 4.57 percent.
The 15-year fixed-rate mortgage:averaged 3.75 percent with an average 0.7 point, up from last week when
it averaged 3.69 percent. A year ago at this time, the 15-year FRM
averaged 4.07 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs:
averaged 3.30 percent this week, with an average 0.6 point, up from last
week when it averaged 3.22 percent. A year ago, the 5-year ARM averaged
3.75 percent.
One-year Treasury-indexed ARMs: averaged 3.01 percent this week with an average 0.6 point, up from last
week when it averaged 2.97 percent. At this time last year, the 1-year
ARM averaged 3.75 percent. .
Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Mortgage rates followed Treasury yields higher over the holiday week but
remain quite affordable by historical standards. For instance, interest rates on all mortgages outstanding
in the first quarter of this year averaged just under 6 percent. With
today's rates, these homeowners who have the ability to refinance could
shave $169 per month in interest payments on a $200,000, 30-year fixed
mortgage
