Borrowing costs on mortgages remained mostly flat in the past week, sticking at or near the previous week’s record lows, reports Freddie Mac. Average interest on 30-year fixed loans were unchanged at 4.57 percent, while the rate on 15-year loans dipped even further to a new bottom of 4.06 percent from 4.07 percent the previous week. Five-year adjustable-rate mortgages bumped up from a low of 3.75 percent the prior week to 3.85 percent on July 15. One-year ARMs, meanwhile, dropped to their lowest level since Freddie Mac began tracking the statistic. The rate settled at 3.74 percent, down a notch from 3.75 percent a week earlier.
[SOURCES: Freddie Mac; Information, Inc.]
