real estate reality.

Our company works with an awesome lender, Tony Butler with Equitable Mortgage. He sends us weekly updates on the state of the market as well as interest rates. Below is his latest article. If you ever have any questions about the lending market, contact Tony at tonyb.@eqfin.com

The Markets. Rates on home loans fell back near previous lows for the year in response to the weak employment report. Freddie Mac announced that for the week ending July 14, 30-year fixed rates averaged 4.51%, down from 4.60% the previous week. The average for 15-year fixed decreased to 3.65%. Adjustable rates also fell with the average for one-year adjustables increasing to 2.95% and five-year adjustables falling to 3.29%. A year ago 30-year fixed rates were at 4.57%. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac, "Long-term bond yields and rates on home loans fell this week following a weak employment report. The economy added 18,000 jobs in June, well below the market consensus forecast, and the unemployment rate rose to 9.2 percent, the highest since December 2010. In addition, employee wages stagnated. These factors may lead to less consumer spending, which in turn, reduces the threat of inflation in the near term." Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated July 15, 2011