Mortgage rates fell to record lows last week, according to Freddie Mac. This marks the sixth consecutive week that Freddie Mac has reported record low mortgage rates for fixed rate mortgages.
Freddie Mac is reporting the average mortgage rate for a 30 year mortgage is 4.54 percent for the week ending July 22. This is down .02 percent from the previous week when the average rate was 4.56. At this point in time last year the average mortgage rate for a 30 year mortgage was 5.25 percent, over .7 percent higher.
15 year mortgages also dropped to historic lows, with the mortgage rate falling to 4.00 percent. A week prior the average rate was 4.03 percent and a year ago the same mortgage product had an average mortgage rate of 4.69 percent.
Despite incredibly affordable mortgage rates the amount of mortgage applications being filed is not very high. Most people who could gain financially from refinancing have either done so already or are struggling to qualify for a new loan. Home buying remains very low due to poor job reports and low levels of consumer confidence. In addition tightened lending practices have made it tougher for some borrowers to receive financing.
After six consecutive weeks of record low mortgage rates the question has to be when will mortgage rates stop falling? Let us know how you feel in the comments section below.
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