Freddie Mac: Mortgage rates decline amid economic debates

Mortgages rates continued to decline during the most recent week, according to Freddie Mac.According to Freddie Mac's Primary Mortgage Market Survey for the week ending August 4, interest rates for mortgages fell to new lows this year.The rate for 30-year fixed-rate mortgages averaged 4.39 percent, which is down 4.55 percent from last week and 4.49 percent from the previous year. The rate for 15-year FRMs settled at 3.54 percent, falling from 3.66 percent the previous week and 3.95 percent last year.Averages for adjustable-rate mortgages went in different directions, however. The rate for five-year ARMs averaged 3.18 percent, down from 3.25 percent last week and 3.63 percent during the previous year. The rate for one-year ARMs, however, climbed to 3.02 percent from 2.95 percent the previous week. This average is still down from last year, though, when the rate was 3.55 percent.”Treasury bond yields fell markedly after signs the economy was weaker than what markets had previously thought allowing fixed mortgage rates to follow this week with the 15-year fixed and 5-year ARM setting new historical lows,” said Frank Nothaft, vice president and chief economist at Freddie Mac.With mortgage rates declining and the region's job sector continuing to add more positions, the Houston real estate market could record greater sales in the upcoming months.Courtesy of 2M Realty News

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