Average fixed mortgage rates in the U.S. eased in the latest
week, following bond yields downward, with the 30-year-fixed rate
back at its low level for this year, according to mortgage-finance
company Freddie Mac (FMCC).
Freddie Mac Chief Economist Frank Nothaft noted in a statement
Thursday that of the few economic reports during the latest week,
July retail sales were virtually unchanged, following a 0.2%
increase in June, ending five months of increases.
For the week ended Thursday, the 30-year fixed-rate mortgage
averaged 4.12%, compared with 4.14% a week earlier and 4.4% a year
earlier. Rates on 15-year fixed-rate mortgages averaged 3.24%,
compared with 3.27% the previous week and 3.44% a year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages, or
ARMs, on average, was at 2.97%, compared with 2.98% the previous
week and 3.23% a year earlier. One-year Treasury-indexed ARM rates
on average were 2.36%, compared with 2.35% the previous week and
2.67% a year earlier.
Write to Tess Stynes at tess.stynes@wsj.com
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