Mortgage rates tumble to new record levels during July

Real estate records continue to be smashed, as a new survey indicates mortgage rates have dropped to yet another all-time low.

Real estate records continue to be smashed, as a new survey indicates mortgage rates have dropped to yet another all-time low.

According to Freddie Mac's Primary Mortgage Market Survey, 30-year fixed-rate mortgages today average just under 3.5 percent. That's down a full percentage point from where the rate stood at this time one year ago, when it was 4.55 percent.

For the week ending July 26, 30-year FRMs averaged 3.49 percent with an average 0.7 point. Last week at this time, the rate was four-tenths of a percent higher at 3.53 percent.

Meanwhile, 15-year FRMs - an amortization period that's commonly chosen by individuals who are looking to refinance - also set a new record after dropping to 2.80 percent with an average 0.7 point. Its average was 2.83 percent one week ago and 3.66 percent on a year-over-year basis.

Frank Nothaft, Freddie Mac's vice president and chief economist, said pessimistic housing and economic data may have played a role.

"The Conference Board Leading Economic Index showed the largest monthly decline in June since September 2011," said Nothaft. "Existing home sales fell to 4.36 million homes in June and represented the slowest pace since October 2011. Similarly, new home sales fell in June to their lowest level since January of this year." 



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