Mortgage rates bounce back

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Inman Connect San Francisco, Jul 16-20, 2018

Mortgage rates bounced off record lows this week as the Federal Reserve offered few clues as to whether it will unleash another round of asset purchases to stimulate the economy. Looking back a week, homeowners were rushing to refinance at levels not seen since 2009.Rates on 30-year fixed-rate mortgages (FRMs) averaged 3.55 percent with an average 0.7 point for the week ending Aug. 2, up from 3.49 percent last week but down from 4.39 percent a year ago, Freddie Mac said in reporting the results of its weekly Primary Mortgage Market Survey. Last week's rate for 30-year fixed-rate loans was an all-time low in Freddie Mac records dating to 1971.For 15-year fixed-rate mortgages, rates averaged 2.83 percent with an average 0.6 point, up from 2.8 percent last week but down from 3.54 percent a year ago. Last week's rate for 15-year fixed-rate mortgages was a low in records dating to 1991.Rates on five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 2.75 percent this wee...