Rates Remain Steady to Close Out the Month

Freddie Mac released its weekly Primary Mortgage Market Survey (PMMS) indicating that fixed mortgage rates are lower this week compared to last, but slightly.  For the week ending July 31, 2014, 30-year-fixed mortgage rates dropped .01%, averaging 4.12%, which is down .26% compared to this time last year. For the past 2 months or so, rates have generally been within a .10% range (4.1 - 4.2%), and within a .03% range (4.12 – 4.15%) for the month of July.  With rates being as low as they are going into the tail end of summer, now is a great time to purchase a home if you are in the market. Frank Nothaft, vice president and chief economist at Freddie Mac commented: "Mortgage rates were little changed this week with the 30-year fixed-rate mortgage rate at 4.12 percent, just a basis point lower from the previous week. Meanwhile, on Wednesday afternoon the yield on the 10-year Treasury surged as data showed gross domestic product for the second quarter at a 4.0 percent annualized rate, above expectations." Total Mortgage has exceptionally low mortgage rates. Contact one of our experienced mortgage experts to find out how much you can save. Get started today.