"Fixed mortgage rates fell over the holiday week as market concerns over the timing of the Federal Reserve’s pullback in bond purchases eased somewhat. Rates are still low by historical standards and should continue to aid in housing affordability and the ongoing recovery of the housing market. For instance, pending home sales rose 6.7% in May to the strongest pace in over six years. In addition, residential construction spending increased in four of the first five months this year."
Freddie Mac today released it’s survey results showing average fixed mortgage rates reversing course after last week’s big jump that took rates to their highest levels since mid-2011. The average 30-year fixed-rate mortgage ticked down to 4.29 percent this week from 4.46 percent last week. Rates remain near historic lows and homebuyer affordability remains strong for the typical family in most parts of the country, which should help fuel the ongoing housing recovery.
• 30-year fixed-rate mortgages averaged 4.29 percent with an average 0.7 point for the week ending July 3, 2013, down from last week when it averaged 4.46 percent. Last year at this time, the 30-year rate averaged 3.62 percent.
• 15-year mortgages this week averaged 3.39 percent with an average 0.7 point, down from last week when it averaged 3.50 percent. A year ago at this time, the 15-year rate average was 2.89 percent.
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