According to Freddie Mac's primary mortgage market survey, mortgage rates have slowed, moving toward historic lows. In the past couple of weeks a 30 year FRM (Fixed Rate Mortgage) was hovering around 4.15%, compared to last weeks 4.13%. It might not seem like much, but trust me if you run the numbers it really can make a difference. These low interest rates are keeping the buyers happy in this competitive market. If you have the means of going with a 15 year FRM, you can really save some money. 15 year FMRs are about a point lower than the 30 year. Compare these numbers to the 2013 averages, the 30 year FMR was around 4.37%. Buy now to save money! Once Freddie and Fannie stop buying up secondary market loans the averages are going to go up!
“Mortgage rates were little changed amid a week of light economic reports. Of the few releases, industrial production rose by 0.2% in June, below the market consensus forecast. Also, the producer price index for final demand rose 0.4% in June, rebounding from a 0.2% decline the prior month,” said Frank Nothaft, vice president and chief economist with Freddie Mac.
“Like many Americans, mortgage rates seem to be taking a midsummer vacation. Economic news has been mixed, and Federal Reserve Chair Janet Yellen's recent Senate testimony indicated that the central bank will not announce a rate hike anytime soon. That's good news for borrowers who have not refinanced yet or need more time to find a house. But don't expect mortgage rates to rest forever,” Bankrate said.
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