Rates on 30-year mortgages down from last year

Picking the Right Mortgage
First-Time Buyers and New-Home Demand: Reverting to Normal

Rates on 30-year mortgages down from last year

Teke Wiggin Staff Writer Jul 3, 2014

inmannews7-10-14For the second straight week, homebuyers enjoyed rates on 30-year fixed-rate mortgages that were lower than they were at the same time last year, Freddie Mac reported.

Rates on 30-year fixed-rate mortgages averaged 4.12 percent with an average point of 0.5 for the week ending July 3, down from 4.14 percent last week and 4.29 percent a year ago, according to Freddie Mac’s latest Primary Mortgage Market Survey.

Frank Nothaft, vice president and chief economist at Freddie Mac, said the rock-bottom rates should help with home affordability in many markets.

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