Second Mortgage Rate
Bankrate: Mortgage Rates Fall to Three-Month Low
Mortgage rates declined for the third time in the last four weeks on the heels of slower second quarter economic growth. The average 30-year fixed rate mortgage fell to 6.65 percent, the lowest since April 26. According to Bankrate.com's weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.3 discount and origination points. The average 15-year fixed rate mortgage, popular for refinancing, dropped by a similar amount to 6.3 percent. On larger loans, the average jumbo 30-year fixed rate declined to 6.86 percent. Adjustable rate mortgages also declined. The average 5/1 adjustable rate mortgage slid to 6.36 percent, and the average one-year ARM retreated to 6.03 percent. Validation that the economy did indeed grow at a slower pace pushed mortgage rates lower this week.
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Mortgage rates dip for a second week
WASHINGTON - Mortgage rates have dipped for the second week in a row, encouraging news for people thinking about buying a home.
Mortgage company Freddie Mac, in its weekly survey released Thursday, said rates on 30-year fixed-rate mortgages dropped to a nationwide average of 6.63 percent for the week ending Aug. 2. That was down from last week's 6.72 percent and the lowest since mid-June.
Economists viewed the back-to-back dips as a nice reprieve from rates that have slowly moved up this year.
"Although lower rates are a welcome sight, we still feel that the 30-year fixed-rate mortgage rate will drift up and down somewhat over the next few months, but will average less than 7 percent for the year," said Frank Nothaft, Freddie Mac's chief economist.