Freddie Mac Weekly Mortgage Update: Rates Inch Downward to Another New Low

30-year fixed-rate mortgage: Averaged 4.54 percent with an average 0.7 point for the week ending July 29, 2010, down from last week when it averaged 4.56 percent. Last year at this time, the 30-year FRM averaged 5.25 percent.

The 15-year fixed-rate mortgage: Averaged a record low of 4.00 percent with an average 0.7 point , down from last week when it averaged 4.03 percent. A year ago at this time, the 15-year FRM averaged 4.69 percent.

Five-year indexed hybrid adjustable-rate mortgages ARMs: Averaged 3.76 percent this week, with an average 0.7 point, down from last week when it averaged 3.79 percent. A year ago, the 5-year ARM averaged 4.75 percent.

One-year Treasury-indexed ARMs: Averaged 3.64 percent this week with an average 0.7 point, down from last week when it averaged 3.70 percent. At this time last year, the 1-year ARM averaged 4.80 percent

Freddie Sayz

For the sixth week in a row, interest rates on fixed rate mortgages eased to all time record lows during a week of mixed housing data reports. The number of local markets experiencing annual increases in home prices appears to be growing. For instance, 13 metropolitan areas in the S&P/Case-Shiller 20 city index experienced price appreciation over the 12-months ending in May, compared to 11 in April and 10 in March.
However, existing home sales in June slowed to an annualized pace of 4.37 million units, the fewest since March. Moreover, although new home sales jumped by almost 24 percent to 330,000 dwellings, it represented the second slowest rate since 1963

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