Average U.S. mortgage interest rates rose slightly for the week ending July 3, 2019, but remained below 4 percent for the sixth consecutive week, according to Freddie Mac's weekly Primary Mortgage Market Survey.
The 30-year, fixed-rate mortgage loan averaged 3.75 percent, with an average 0.6 point, compared to 3.73 percent the previous week. During the same week last year, the 30-year note average 4.52 percent.
Prospective homebuyers seem to be taking advantage of attractive interest rates. Mortgage applications are on the rise. The seasonally adjusted "purchase index" increased 1 percent from one week earlier, the Mortgage Bankers Association reported July 3, 2019. The unadjusted purchase index also rose 1 percent compared with the previous week and was 10 percent higher than the same week one year ago.
The 15-year, fixed-rate mortgage averaged 3.18 percent, with an average 0.5 percent point, an increase from 3.16 percent the prior week. The 15-year mortgage loan averaged 3.99 percent the same week in 2018.
The five-year, adjustable-rate mortgage averaged 3.45, with an average 0.4 point, compared to 3.39 percent the previous week and 3.74 percent the previous year.