Mortgage Rates typically change on a daily basis. In fact, over the past few years the frequency of intra-day mortgage rate changes have increased because of the sensitive and volatile mortgage market. For a live rate quote please speack to your loan representative.

Market News

Rates on home loans were stable in the past week. Freddie Mac announced that for the week ending July 21, 30-year fixed rates averaged 4.52%, up one tick from 4.51% the previous week. The average for 15-year fixed increased slightly to 3.66%. Adjustable rates were mixed, again with slight movements, with the average for one-year adjustables increasing to 2.97% and five-year adjustables falling to 3.27%. A year ago 30-year fixed rates were at 4.56%. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac, “Rates were virtually unchanged this week amid mixed economic data reports. Although both the overall producer and consumer price indices fell moderately in June on lower energy costs, the core price indices inched up. In addition, consumer sentiment sank to the lowest reading since March 2009, based on figures from the University of Michigan. The recent housing data also varied. For example, single-family housing starts jumped 9.4 percent in June to the strongest pace since November 2010 and homebuilder confidence rebounded in July. Yet, existing home sales fell 0.8 percent in June and represented the fewest since November 2010.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

 How Interest Rates Work