As of July 26th this year, the 30-year fixed mortgage rate, also
the most popular among home buyers, dropped to 3.49%. A year ago
during this time the rates were hovering around 4.55%. This
30-year mortgage rate is also down from 3.53%
where it stood a week before this reading became public, according
to Freddie Macs weekly mortgage market survey.
The 15-year fixed mortgage rates also decreased
as they averaged 2.80% after being recorded at 2.83% last week and
3.66% a year ago. The 5-year Treasury-indexed hybrid
adjustable-rate mortgage as well averaged 2.74% on July 26th of
this year and that percentage, however, was actually up from the
2.69% where it stood a week ago. Looking to year-over-year
statistics, this 2.74% was nonetheless far below the 3.25% this
rate was realizing during this time last year. Finally, the 1-year
Treasury-indexed adjustable-rate mortgage came through with an
average of 2.71% which in comparison to the previous calculated
week was up from 2.69% also, but still down from the 2.95% from
July 26th of 2011.
Many blog postings have been created of late discussing this
fascinating topic, with our most recent from July 25th of 2012
discussing the latest record low rates
that have now been surpassed. These findings only go to show
how home affordability is becoming incredibly realistic for many
individuals in todays Real Estate climate. This is all compacted
with the fact that the industry has been strengthening. Therefore,
this has created a unique opportunity for buyers to get a deal on a
property before prices rise too much, and at an affordable rate
that they may not ever be lucky enough to see again.
More Information: Freddie Mac