Mortgage rates now at lowest level of the year - Charlotte Business Journal

And they said rates can't go any lower.  Maybe not but still the lowest of the year!!!



Mortgage rates now at lowest level of the year - Charlotte Business Journal

Jeff Clabaugh

Broadcast/Web Reporter-Washington Business Journal

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Long-term borrowing costs have remained in a holding pattern this year, with 30-year mortgage rates falling to the lowest level of the year this week.

Freddie Mac says the average rate on a 30-year fixed-rate mortgage fell to 4.12 percent in the week ending Aug. 14, matching the previous 2014 low. A year ago, 30-year rates averaged 4.40 percent.

A 15-year fix averaged 3.24 percent this week, down from 3.27 percent last week. A one-year adjustable rate mortgage averaged 2.36 percent, up from 2.35 percent.

Despite low rates, the Mortgage Bankers Association says mortgage applications fell to a six-year low last week.

New-home sales fell more than 8 percent in June. Contracts signed to buy existing homes were also lower.

While home values are largely still rising, the National Association of Realtors says price appreciation is now at the slowest pace since early 2012.