Freddie Mac reported more new record lows for 30- and 15-year fixed mortgage rates as well as 5/1 hybrid ARMs.
For the week ending July 12, the 30-year fixed rate mortgage rate averaged 3.56%, down six basis points from last week, with an average 0.7 point. This places the no-point rate at 3.74% which should keep refinancing activity relatively responsive.
In yesterday's report from the Mortgage Bankers Association, the Refinance Index declined just 3.4% to 4369 in the holiday-shortened week ending July 6 after two weeks of 8% declines.
Specifically, the Conventional Refi Index slipped 2.4% after declining 4.7% in the prior week.
Meanwhile, 15-year fixed mortgage rates declined three basis points to 2.86%; hybrid ARMs were at 2.74% from 2.79%, while one-year ARM rates rose one basis point to 2.69%.
