As of July 26th this year, the 30-year fixed mortgage rate, also the most popular among home buyers, dropped to 3.49%. A year ago during this time the rates were hovering around 4.55%. This 30-year mortgage rate is also down from 3.53% where it stood a week before this reading became public, according to Freddie Macs weekly mortgage market survey.
The 15-year fixed mortgage rates also decreased as they averaged 2.80% after being recorded at 2.83% last week and 3.66% a year ago. The 5-year Treasury-indexed hybrid adjustable-rate mortgage as well averaged 2.74% on July 26th of this year and that percentage, however, was actually up from the 2.69% where it stood a week ago. Looking to year-over-year statistics, this 2.74% was nonetheless far below the 3.25% this rate was realizing during this time last year. Finally, the 1-year Treasury-indexed adjustable-rate mortgage came through with an average of 2.71% which in comparison to the previous calculated week was up from 2.69% also, but still down from the 2.95% from July 26th of 2011.
Many blog postings have been created of late discussing this fascinating topic, with our most recent from July 25th of 2012 discussing the latest record low rates that have now been surpassed. These findings only go to show how home affordability is becoming incredibly realistic for many individuals in todays Real Estate climate. This is all compacted with the fact that the industry has been strengthening. Therefore, this has created a unique opportunity for buyers to get a deal on a property before prices rise too much, and at an affordable rate that they may not ever be lucky enough to see again.
More Information: Freddie Mac