Digital News Report – The Freddie Mac Primary Mortgage Market Survey (PMMS) reported an increase in both the 15-year and 30-year fixed rate mortgage interest rates. The 30-year fixed rate mortgages ended the week at 4.6 percent average and the 15-year averaged 3.75 percent.
The 4.60 percent average was with an average 0.7 point for the 30-year fixed rate mortgage loan ending the week on July 7, 2011. Last week’s data reflected a 4.51 percent interest rate for this mortgage term and type of loan. A year ago at the same time the interest rate averaged at 4.57 percent.
The 15-year fixed rate mortgage interest rate for this week’s report averaged 3.75 percent with an average 0.7 point. Last week the interest rate for this type and term mortgage loan averaged 3.69 percent. One year ago at the same time, the interest rate was averaging 4.07 percent.
Frank Nothaft, vice president and chief economist, Freddie Mac said in a statement that the mortgage rates are still “quite affordable by historical standards.” He suggests that homeowners that have a current mortgage interest rate of just under 6 percent could refinance a $200,000 mortgage loan and save around $169 per month with a new lower interest 30-year fixed loan.
By: Tim Edwards