Mortgage Rates Cool Off

Fixed mortgage rates fell this past week  as Federal Reserve  Chairman Bernanke helped ease market concerns about the Fed reducing its bond purchases. During a question and answer session following a speech on July 10th, Chairman Bernanke indicated that a highly accommodative monetary policy is what’s needed in the U.S. economy. Indications of a slowing in the economic recovery also placed downward pressure on mortgage rates.

Freddie Mac today released  it’s Mortgage Market Survey, showing average fixed mortgage rates easing along with market concerns over the Federal Reserve’s bond purchase program.

News Facts

• 30-year fixed-rate mortgages averaged 4.37 percent with an average 0.7 point for the week ending July 18, 2013, down from last week when it averaged 4.51 percent. Last year at this time, the 30-year FRM averaged 3.53 percent.

• 15-year fixed-rate mortgages  this week averaged 3.41 percent with an average 0.7 point, down from last week when it averaged 3.53 percent. A year ago at this time, the 15-year FRM averaged 2.83 percent.

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