Daily Real Estate News | Friday, August 01, 2014

Mortgage rates have remained mostly steady in recent weeks, keeping borrowing costs near 2014 lows, Freddie Mac reports in its weekly mortgage market survey.

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Freddie Mac reports the following national averages for mortgage rates for the week ending July 31:

30-year fixed-rate mortgages: averaged 4.12 percent, with an average 0.6 point, dropping from last week’s 4.13 percent average. Last year at this time, 30-year rates averaged 4.39 percent.
15-year fixed-rate mortgages: averaged 3.23 percent, with an average 0.7 point, falling from last week’s 3.26 percent average. A year ago, 15-year rates averaged 3.43 percent.
5-year hybrid adjustable-rate mortgages: averaged 3.01 percent, with an average 0.5 point, rising from last week’s 2.99 percent average. Last year at this time, 5-year ARMs averaged 3.18 percent.
1-year ARMs: averaged 2.38 percent, with an average 0.4 point, dropping from last week’s 2.39 percent average. Last year at this time, 1-year ARMs averaged 2.64 percent.