According to Inman news rates on 30-year fixed-rate mortgages have fallen over the past week and are even down when compared to a year ago. Rates are averaging 6.47% with an average 0.7 down in comparison with last week’s 6.52% which was also the rate one year ago. 15-year fixed-rate mortgages also show a similar trend at 6% with an average 0.7 point, in comparison with 6.07% last week and 6.18% a year ago.
On the other hand, adjustable-rate mortgages (ARM’s) are averaging at 5.99% with an average 0.6 point currently while a week ago they were sitting at 6.02% and a year ago at 6.34%.
There are a lot of small shifts going on in the mortgage industry, stay tuned as we continue to watch the numbers and report back to you on what it all means.
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