Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.35% with an average 0.6 point for the week ending July 3, 2008, down from the previous week when it averaged 6.45%. Last year at this time, the 30-year FRM averaged 6.63%.
The 15-year FRM averaged 5.92% with an average 0.6 point, also down from the prior week when it averaged 6.04%. A year ago at this time, the 15-year FRM averaged 6.30%.
Frank Nothaft, Freddie Mac vice president and chief economist. attributed the drop to the release of the latest Federal Reserve policy statement that it expects inflation to moderate later this year, as well as other factors. We are expecting these rates to continue to decline through the middle of 2009 in an effort to bring the national real estate markets back to life.
If you liked this post, you may also enjoy:
