Mortgage Rates Stable This Week: 30 Year Mortgage Rates at 4.57%, Says Freddie

Mortgage rates are stable this week after hitting fresh lows last week.  30 year mortgage rates are unchanged at 4.57 percent for the week ending July 15, 2010 in the most recent Primary Mortgage Market Survey released yesterday by Freddie Mac. 30 year mortgage rates are still at the lowest point in the 39 year history of Freddie Mac's survey.

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30 year mortgage rates have been heading lower for awhile now. Mortgage rates will stay at these current low levels and might even go lower. Recent economic data released by the government shows a slowing economy which is driving interest rates lower.  The FOMC also believes the economy is slowing down. In the FOMC's June minutes on monetary policy the fed trimmed their forecast for growth. The fed also noted the risk increased that the economic recovery would falter.

Fixed conforming 15 year fixed mortgage rates are down slightly for the week ending July 15, 2010.  15 year mortgage interest rates are averaging 4.06 percent, a decline from the prior week’s average 15 year mortgage rate of 4.07 percent. Average mortgage discount points on 15 year mortgages was 0.7 points, unchanged from the prior week’s average.

5 year Treasury indexed adjustable mortgage rates were up for the week ending July 815 2010. 5 year adjustable mortgage rates are averaging 3.85 percent, up from last week’s average 5 year adjustable mortgage rate of 3.76 percent. Mortgage discount points on 5 year adjustable rate mortgages averaged 0.7 points, no change from the prior week.

1 year Treasury indexed adjustable rate mortgages averaged 3.74 percent for the week ending July 15, 2010, down slightly from the prior week’s average 1 year adjustable mortgage rate of 3.75 percent. Mortgage points averaged o.7 points, unchanged for the previous week's average.

Author: Brian McKay
July 16th, 2010

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