Tags: mortgage | home | loan | rates | buyers | housing

Average 30-Year Mortgage Rates Fall to 4.52 Percent

Average 30-Year Mortgage Rates Fall to 4.52 Percent
(Flynt/Dreamstime)

Thursday, 05 July 2018 11:33 AM

Long-term U.S. mortgage rates fell this week, offering a slight degree of relief to would-be homebuyers.

Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year, fixed-rate mortgages dropped to 4.52 percent from 4.55 percent a week ago. Rates have declined in five of the past six weeks. Still, the average rate has increased from a year ago when it stood at 3.96 percent.

The average rate on 15-year, fixed-rate loans slipped to 3.99 percent from 4.04 percent a year ago.

Mortgage rates have declined as investors have bought 10-year U.S. Treasury notes, causing their yield to decline. The yield peaked in May at 3.11 percent and has since dipped to 2.83 percent as the financial markets have sought a haven amid risks of a trade war.

Despite the recent declines, long-term loan rates remain near their highest levels in seven years. The average 30-year mortgage rate reached a high this year of 4.66 percent on May 24; the 15-year rate hit 4.15 percent that day.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week.

The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. The average fee on 30-year fixed-rate mortgages was unchanged from last week at 0.5 point.

Meanwhile, mortgage applications decreased 0.5 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending June 29, 2018.

The Market Composite Index, a measure of mortgage loan application volume, decreased 0.5 percent on a seasonally adjusted basis from one week earlier, the MBA said.

The refinance share of mortgage activity decreased to 37.2 percent of total applications from 37.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.7 percent of total applications.

© Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
Personal-Finance
Long-term U.S. mortgage rates fell this week, offering a slight degree of relief to would-be homebuyers.Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year, fixed-rate mortgages dropped to 4.52 percent from 4.55 percent a week ago. Rates have declined...
mortgage, home, loan, rates, buyers, housing
309
2018-33-05
Thursday, 05 July 2018 11:33 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved