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Mortgage Rate Update - July 30, 2020
August 7th, 2020 9:35 AM
Mortgage rates declined slightly during the past week, remaining near historic lows and boosting purchase demand more than 20% compared with one year ago, Freddie Mac reported July 30 in its Primary Mortgage Market Survey. Freddie noted that home prices are expected to remain strong heading into the fall.
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  • 30-year fixed-rate mortgage averaged 2.99 percent with an average 0.8 point for the week ending July 30, 2020, down slightly from 3.01 percent. A year ago at this time, the 30-year FRM averaged 3.75 percent.  
  • 15-year fixed-rate mortgage averaged 2.51 percent with an average 0.7 point, down from last week when it averaged 2.54 percent. A year ago at this time, the 15-year FRM averaged 3.20 percent.  
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.94 percent with an average 0.4 point, down from last week when it averaged 3.09 percent. A year ago at this time, the 5-year ARM averaged 3.46 percent.

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?For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Email: jimhanson1@comcast.net

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce
Posted in:General
Posted by James M. Hanson on August 7th, 2020 9:35 AMPost a Comment

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