Mortgage rates showed little movement once again this week, continuing to hover near yearly lows, according to the latest data released Thursday by Freddie Mac.
The 30-year fixed-rate average bumped up to 4.14 percent with an average 0.7 point. It hit its yearly low of 4.12 percent a week ago and was 4.4 percent a year ago.
For nearly two months now, the 30-year fixed-rate average has floated around 4.13 percent, ticking up or down a basis point or two but never straying far.
The 15-year fixed-rate average climbed to 3.27 percent with an average 0.6 point, its highest level since June 19. It was 3.23 percent a week ago and 3.43 percent a year ago.
Hybrid adjustable rate mortgages wandered downward. The five-year ARM average slid to 2.98 percent with an average 0.5 point. It was 3.01 a week ago and 3.19 percent a year ago.
After jumping above 3 percent last week, the five-year ARM returned below that level for the six time in the past seven weeks.
The one-year ARM average dropped to 2.35 percent with an average 0.5 point. It was 2.38 percent a week ago.
“Mortgage rates were little changed amid a week of light economic reports,” Frank E. Nothaft, Freddie Mac vice president, and chief economist said in a statement.
“Of the few releases, ISM non-manufacturing index rose to 58.7 in July from 56 a month earlier. Also, factory orders were up 1.1 percent in June. The two reports signal steady economic growth in the third quarter of the year.”
Meanwhile, mortgage applications grew slightly last week, according to the latest data from the Mortgage Bankers Association.
The market composite index, a measure of total loan application volume, increased 1.6 percent. The refinance index rose 4 percent, while the purchase index fell 1 percent.
The refinance share of mortgage activity accounted for 55 percent of all applications.
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Written by: Kathy Orton, www.washingtonpost.com