The average 30-year fixed mortgage rate (FRM) has ducked just under 4 percent and is lower than the same time last year, according to Freddie Mac’s Primary Mortgage Market Survey.

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Takeaways:

  • Mortgage rates are just under 4 percent, lower than the same time last year and down from last week.
  • The average 30-year fixed mortgage rate is 3.98 percent with an average 0.6 point.
  • The mortgage rate has bounced between 3.98 and 4.09 percent since the first full week of June, falling a bit when events overseas take a turn for the worse.

The average 30-year fixed mortgage rate (FRM) has ducked just under 4 percent, lower than the same time last year, according to Freddie Mac’s Primary Mortgage Market Survey.

For the week ending today, the 30-year FRM averaged 3.98 percent with an average 0.6 point, down from last week, when it averaged 4.04 percent. A year ago this time, the 30-year FRM averaged 4.12 percent.

PMMS-July302015

According to Sean Becketti, chief economist at Freddie Mac, the mortgage rate has bounced between 3.98 and 4.09 percent since the first full week of June, falling a bit when events overseas take a turn for the worse and rising when the “clouds appear ready to part.”

“With no clear direction coming from the Fed this afternoon, we expect more of the same in coming weeks,” he said.

The 15-year FRM this week averaged 3.17 percent with an average 0.6 point, down from last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent.

Becketti cites Monday’s 8 percent decline in Chinese stock prices, which triggered similar, though smaller, sell-offs in global equity markets. This drove U.S. Treasury yields down nearly 5 basis points.

This week, five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 2.95 percent, with an average 0.4 point. This average is down from last week when it was at 2.97 percent. A year ago, the five-year ARM averaged 3.01 percent.

The one-year Treasury-indexed ARM averaged 2.52 percent this week with an average 0.3 point. This is down from last week, when it averaged 2.54 percent, and the same time last year, when it hit 2.38 percent.

Email Erik Pisor.

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