The Trend continues. Mortgage rates dropped again. Home loans in the 3%’s are completely possible for 15 year fixed and 5 years ARMS. Unreal. How long it will continue? These interest rates, along with an oversupply of inventory are making Utah Homes very inexpensive. Who knows. I’m just going to predict that rates will stay ridiculously low through the remainder of the year. I’ve been wrong with just about every other mortgage trend, so interest rates will probably go up soon.
Rates for three of four types of mortgages tracked by Freddie Mac hit record lows this week, as mortgage-backed securities that are the ultimate source of funding for most home loans continue to look attractive to investors.
Rates on 30-year fixed-rate mortgage averaged 4.49 percent with an average 0.7 point for the week ending Aug. 5, a new low in records dating to 1971, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey. This week’s rate was down from 4.54 percent last week and 5.22 percent a year ago.
Rates on 15-year fixed-rate mortgages averaged 3.95 percent with an average 0.6 point, down from 4 percent last week and 4.63 percent a year ago. That’s a new low in records dating back to 1991, Freddie Mac said.
Rates on 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 3.63 percent with an average 0.6 point, down from 3.76 percent last week and 4.73 percent a year ago. That’s a new low in records dating back to 2005.
