The latest Freddie Mac Primary Mortgage Market Survey released on July 21 showed consistent mortgage rates with a week earlier. With rates remaining at relatively stable numbers, prospective homebuyers may now be researching moving quotes
to get an idea of the total cost of buying and moving to a new home.
The study said 30-year fixed rate mortgages averaged 4.52 percent for the week ending July 21, up 1 base point from the rate recorded a week earlier. Fifteen-year fixed rate mortgages averaged 3.66 percent, which was also up a single base point from the previous week, but was well below the 4.03 percent averaged during the same period in 2010.
Although the rates did not drop from week to week, they have been low enough to encourage a number of prospective buyers to begin building new homes. Frank Nothaft, vice president and chief economist at Freddie Mac, said housing starts increased 9.4 percent in June, marking the strongest pace in more than seven months.
Until the housing market is able to consistently gain some ground, it will continue to favor buyers more than sellers. Individuals who are ready to move to a new home may still have time to take advantage of low mortgage rates and low home prices.