Mortgage Rates Drop Close to 2016's Lowest
Bond market reaction to news from the Federal Reserve Board's July meeting brings a decline in mortgage rates for the first time in four weeks, according to Freddie Mac.
The average 30-year fixed-rate mortgage sits at 3.43% for the week ending August 4, a drop from last week's 3.48%. This week last year saw the 30-year fixed-rate mortgage average at 3.91%.
As expected the Federal Reserve did not raise short-term rates in July which played a role in driving up the price on on the 10-year Treasury note.
"Treasury yields fell last week following both the FOMC's meeting and a disappointing advance estimate for second-quarter GDP. Mortgage rates, which had moved up 7 basis
points over the past three weeks, responded by erasing most of those gains," said Sean Becketti, chief economist at Freddie Mac.
Also down is the 15-year fixed-rate mortgage, averaged at 2.74% from last week's averaged 2.78%. At this time in 2015, the 15-year averaged at 3.13%.
"Borrowers are taking advantage of these low rates by refinancing. The latest Weekly Applications Survey results from the MBA show refinance activity up 55% since last year," Becketti added.
For a current rate* based on your loan type needs and personal scenario, contact a Fairway Branch near you to speak with an Arizona Fairway licensed Loan Officer.**
Reporting Sources: Freddie Mac Market Survey and National Mortgage News
- - - -
*This article is not a quote for rates and does not serve as a representation of Fairway Independent Mortgage Corp's current rates. Reported rates in this article are based on Freddie Mac's weekly published survey. Rates change daily and vary based on product or customer scenario. For an accurate and locked rate, contact a Fairway Branch near you to speak with an Arizona Fairway licensed Loan Officer HERE
About Fairway Independent Mortgage Corporation
Founded in 1996 by CEO Steve Jacobson, Fairway Independent Mortgage Corporation is a Top 10 ranked national mortgage lender. The company has more than 250 locations including several Arizona Mortgage Branches. At Fairway, customer service is a way of life. At Fairway speed of response is the goal, with some of the fastest turn times in the industry. The goal is to act as a trusted advisor, providing highly personalized service and helping through every step of the loan process. It’s all designed to exceed expectations, guarantee satisfaction and earn trust. For more information on Fairway Mortgage Arizona, please visit our website at www.FairwayArizona.com.
**Copyright©2016 Fairway Independent Mortgage Corporation. NMLS#2289. 4801 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Lender. AZ License #BK-0904162.