Rates moved higher after stabilizing for a few weeks.
For the week ending July 17, Freddie Mac announced that 30-year fixed rates moved up to 3.81% from 3.75% the week before. The average for 15-year loans increased one tick to 3.23% and the average for five-year ARMs moved up two ticks to 3.48%. A year ago, 30-year fixed rates averaged 4.52%, almost 0.75% higher than today. "Rates on home loans moved higher after remaining at around the same level for about three weeks. The rise in rates was driven by continued improvement in consumer spending and partly due to optimism around a forthcoming cut in short term interest rates, which should provide support for business and investor sentiment. Despite this slight increase in rates, homebuyers are taking advantage of the multi-year low rates in droves, which is evident in the consistently higher refinance and purchase application volumes. The improvement in housing demand should provide sufficient momentum for the housing market and economy during the rest of the year," said Sam Khater, Chief Economist, Freddie Mac.
Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices for Adjustable Rate Mortgages
Updated July 19, 2019
|
Daily Value
|
Monthly Value
|
|
July 18
|
June
|
6-month Treasury Security
|
2.01%
|
2.17%
|
1-year Treasury Security
|
1.90%
|
2.00%
|
3-year Treasury Security
|
1.74%
|
1.78%
|
5-year Treasury Security
|
1.78%
|
1.83%
|
10-year Treasury Security
|
2.04%
|
2.07%
|
12-month LIBOR
|
|
2.202% (June)
|
12-month MTA
|
|
2.483% (June)
|
11th District Cost of Funds
|
|
1.144% (May)
|
Prime Rate
|
|
5.50% (Dec)
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