The 30-year fixed-rate mortgage (FRM) averaged 5.14 percent for the week, up from last week’s 5.12 percent, Freddie Mac reported today. Last year at this time,it was 6.40 percent.
The 15-year FRM edged up .02 points to 4.58 percent; a year ago, it was 5.93 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.67 percent this week, down from 4.57 percent last week and 6.03 percent the same week of 2008.
One-year Treasury-indexed ARMs were unchanged at 4.69 percent, though they averaged 5.33 percent last year.
Commented Chief Economist Frank Nothaft:
“Long-term mortgage rates were barely changed this week, remaining historically low, which is helping to sustain a high level of affordability in the home-purchase market. Low rates contributed to existing home sales rising for the fourth consecutive month to an annual pace of 5.24 million in July, the most since August 2007, according to the National Association of Realtors.
“Similarly, new home sales rose for the fourth month in a row to 0.4 million, the strongest pace since September 2008, the Commerce Department reported. The sales gain helped to reduce the number of new unsold houses on the market to the lowest amount since March 1993. In addition, house prices in June rose nationally for the second consecutive month, according to the Federal Housing Finance Agency’s purchase-only house price index.”
I’ll have more detailed information on the U.S. and Manhattan housing markets in my next newsletter, on Sept. 4.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022