Mortgage rates keep sliding

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Inman Connect San Francisco, Jul 16-20, 2018

Mortgage rates broke records again this week as fears that the European debt crisis will slow the global economy had investors moving money out of stocks and into safer investments like Treasuries and bonds that fund most mortgage loans.Rates on 30-year fixed-rate mortgage averaged 3.56 percent with an average 0.7 point for the week ending July 12, down from 3.62 percent last week and 4.51 percent a year ago, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey. That's a new all-time low in Freddie Mac records dating to 1971, and rates on 30-year loans have now been below 4 percent for 16 consecutive weeks.For 15-year fixed-rate mortgages, rates averaged 2.86 percent with an average 0.7 point, down from 2.89 percent last week and 3.65 percent a year ago. That's also an all-time low in records dating to 1991, and rates on 15-year loans have been below 3 percent for seven weeks.Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loa...