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4.13: Rates Unchanged from Last Week in Unprecedented Summer Lull

  • July 24, 2014

by Lark Turner

4.13: Rates Unchanged from Last Week in Unprecedented Summer Lull: Figure 1

On Thursday morning, Freddie Mac reported 4.13 percent with an average 0.6 point as the average on a 30-year fixed-rate mortgage.

As we pointed out last week, that is lower than a year ago by 24 basis points. That doesn’t seem like much, but it would mean a difference of about $56 a month for a well-qualified buyer with a standard mortgage on a $500,000 house.

Freddie Mac’s Frank Nothaft said in a news release that the week included “some good news on housing with existing home sales climbing 2.6 percent to a seasonally adjusted annual rate of 5.04 million in June, the highest pace since October 2013.” The rates were apparently unaffected by that news, though.

Here’s a look at the path of rates since January 2010:

4.13: Rates Unchanged from Last Week in Unprecedented Summer Lull: Figure 2

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

See other articles related to: mortgage rates, freddie mac

This article originally published at http://dc.urbanturf.com/articles/blog/4.13_rates_unchanged_from_last_week_in_unprecedented_summer_lull/8778

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