This week in the housing world, mortgage rates declined for the second consecutive week as home price growth slowed, the level of mortgage delinquencies remained low and the Roe v. Wade controversy permeated the homebuying process.
On The Mortgage Front: Freddie Mac (OTC:FMCC) reported the 30-year fixed-rate mortgage averaged 5.30% as of July 7, down from last week when it averaged 5.70%. The 15-year fixed-rate mortgage averaged 4.45%, down from last week when it averaged 4.83%. And the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.19% with an average 0.4 point, down from last week when it averaged 4.50%. A year ago at this time, the 5-year ARM averaged 2.52%.
