Mortgage Rates Inch Up

(RTTNews) - Mortgage rates or interest rates on home loans inched up, according to mortgage provider Freddie Mac.

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.75 percent for the week ending July 3, 2019, up from last week's 3.73. A year ago at this time, the average rate was 4.52 percent.

The 15-year FRM this week averaged 3.18 percent, up from last week's 3.16 percent. A year ago at this time, the 15-year FRM averaged 3.99 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.45 percent, up from last week's 3.39 percent. It was 3.74 percent a year ago.

Sam Khater, Freddie Mac's chief economist, says, "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."

"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," he says.