Mortgage rates for 30-year fixed loans dropped four basis points to their lowest point in over a month, while 15-year fixed loans fell by two basis points and 5/1 ARMs fell by one, according to a NerdWallet survey of daily mortgage rates published by national lenders Wednesday morning.
There’s more good news: serious delinquency rates for Fannie Mae and Freddie Mac loans fell in June, according to summary reports from both. Fannie Mae’s delinquencies fell by three basis points to 1.01%, while Freddie Mac’s dropped to 0.85%. Freddie Mac’s rate is 23 basis points lower than a year ago, and is at its lowest point since early 2008, according to the report.
“Our continued very solid financial results and strong business fundamentals reflect the company’s transformation into a well-run commercial enterprise,” said Freddie Mac’s Chief Executive Officer Donald H. Layton in the summary report. “This transformation is enabling us to better deliver on the mission that is our purpose — to provide liquidity, stability and affordability to the American primary mortgage market. We’re doing that by helping lenders of all sizes compete which, in turn, expands affordable housing opportunities for borrowers and renters nationwide.”
MORTGAGE RATES TODAY, Wednesday, Aug. 2:
NerdWallet daily mortgage rates are an average of the published annual percentage rate with the lowest points for each loan term offered by a sampling of major national lenders. APR quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.
Emily Starbuck Crone is a staff writer at NerdWallet, a personal finance website. Email: firstname.lastname@example.org.