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Interest Rates will remain low for homebuyers

Benchmark mortgage rates continued their downward trajectory over the past week.

The 30-year fixed-rate mortgage averaged 2.88% for the week ending July 15, down two basis points from the previous week, Freddie Mac reported Thursday. Since peaking at 3.18% in April, the rate on the 30-year mortgage has now fallen 30 basis points, or nearly one-third of 1%. The 15-year fixed-rate mortgage increased two basis points to an average of 2.22%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage fell by five basis points to an average of 2.47%. “The summer swoon in mortgage rates continues as the 30-year fixed-rate mortgage fell for the third consecutive week,” Freddie Mac chief economist Sam Khater said in the report. “While this decline is not large, it provides modest relief to borrowers who are purchasing in a market with strong home appreciation and scant inventory.”


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