Markets

Mortgage Rates Reach All-Time Record Low

(RTTNews) - Mortgage rates, or interest rates on home loans, reached lowest rate heading into holiday weekend, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.07 percent for the week ending July 2, 2020, down from 3.13 compared to last week. A year ago at this time, the average rate was 3.75 percent.

The 15-year FRM this week averaged 2.56 percent, down from 2.59 percent last week. A year ago at this time, the 15-year FRM averaged 3.18 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.00 percent, down from 3.08 percent last week. It was 3.45 percent a year ago.

"Mortgage rates continue to slowly drift downward with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3 percent later this year," said Sam Khater, Freddie Mac's Chief Economist. "On the economic front, incoming data suggest the rebound in economic activity has paused in the last couple of weeks with modest declines in consumer spending and a pullback in purchase activity."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

    RTTNews

    Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

    Learn More