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30 Year Mortgage Rates Decline


Source: Inman News
mortgage rates decline
Weaker housing and economic news is offsetting the impacts of Fed tapering, keeping a lid on mortgage rates even as the government gradually scales back its massive purchases of Treasurys and mortgage-backed securities that helped keep borrowing affordable during the downturn.

A weekly survey by Freddie Mac shows rates on 30-year fixed-rate mortgages this week posted their first annual decline in more than a year, in the wake of Commerce Department estimates that the economy grew at the slowest pace in five years during the first quarter.

Rates on 30-year fixed-rate mortgages averaged 4.14 percent with an average point of 0.5 for the week ending June 26, down from 4.17 percent last week and 4.46 percent a year ago. Rates on 15-year fixed-rate mortgages, five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans and one-year Treasury-indexed ARMs also all fell.

Read the full story at Inman.com