Mortgage rates were basically flat during the week ended July 3, as the average rate for a 30-year fixed rate mortgage increased slightly to 3.75%, up from 3.73% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 4.52%.
The average rate for a 15-year fixed rate mortgage was 3.18%, up from 3.16%.
A year ago at this time, the average rate for a 15-year was 3.99%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.45%, up from 3.39%.
A year ago at this time, the average rate for a five-year ARM was 3.74%.
“We’re seeing a tug of war happen as the fixed income market flashes warning signs while the equities market continues to march higher with optimism,” says Sam Khater, chief economist fir Freddie Mac, in a release. “The data suggests the economy is weakening but is still on very solid ground with high consumer confidence and a strong labor market.
“Closer to home, the housing market continues to slowly improve and gain momentum as we head into the second half of the year, which is good news and should keep the economy growing,” Khater adds.