In news that will likely come as no surprise to real estate professionals, mortgage rates have fallen yet again, according to the latest report released by Freddie Mac.
In its Primary Mortgage Market Survey, the lending giant says that the average rate for 30-year fixed-rate mortgages slipped three-tenths of a percent for the week ending July 19 to 3.53 percent. A year ago during the same week, 30-year FRMs were 4.52 percent.
Meanwhile, 15-year FRMs followed a similar path, also dropping three-tenths of a percent to 2.86 percent. Year-over-year, rates averaged 3.66 percent for this amortization term.
"With little signs of inflation and the Federal Reserve's 'Operation Twist' keeping U.S. Treasury bond yields in check, fixed mortgage rates are remaining low and helping to stir the housing market," said Frank Nothaft, Freddie Mac chief economist and vice president. "For instance, the 12-month growth rate in the core Consumer Price Index has been in a narrow 2.1 to 2.3 percent band over the past nine months ending in June."
Mortgage records have been broken on an almost weekly basis, as rates have remained below the 4 percent threshold for all but one week in 2012.