Key mortgage rates are remaining low, a trend which will likely spur continued homebuying as rates remain favorable for buyers and housing stock increases across the U.S.
Rates for 30-year fixed mortgages effectively remained steady day-over-day, falling from 2.87 percent to 2.86 percent from July 18 to July 19, a very slight downward trend that sees rates remaining below 3 percent as they have since early June of this year.
Rates for 30-year loans have fluctuated since early July but have remained below 2.9 percent. Rates for 15-year fixed mortgages and 5/1 ARMs, meanwhile, have risen over that time.
Favorable mortgage rates and low housing stock have contributed to a highly competitive housing market over the past year and a half, though signs in mid-July indicate that that frenzy may be cooling down.