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30-Year Fixed Mortgage Rates Rise Slightly; Current Rate is 3.77%, According

Mortgage credit availability increased 2.9% in July to reach an index score of 125.5 in the Mortgage Bankers Association’s (MBA) monthly Mortgage Credit Availability Index (MCAI) report.

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Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site and reflect the most recent changes in the market.

On an unadjusted basis, the composite index decreased by 1% week over week.

The 30-year fixed-rate average has remained below 4 percent the past three weeks.

“In the midst of these mixed data mortgage, rates inched up, increasing 3 basis points to 3.94 percent”. Rates on a 30-year FHA-backed fixed-rate loan dropped from 3.96% to 3.94%.

The benchmark 30-year fixed-rate jumbo mortgage fell to 4% from 4.02%.

Lower rates are expected to continue as experts suspect the labor market will show little improvement. Over the past few days the Chinese Yuan has fallen sharply.

“The average five-year fixed Help to Buy mortgage charges 5.12%, whereas the average for those outside of the scheme is just 4.78%. Headed into the fall, we’ll likely see continued interest rate tension, with dollar appreciation weighing against possible Fed rate hikes leaving the rate outlook clouded”.

Mortgage applications in the United States only saw a slight increase of 0.1% in contrast to the week before. The unadjusted Purchase Index decreased 4 percent compared with the previous week and was 20 percent higher than the same week one year ago.

“Mortgage rates temporarily rose last week after the Atlanta Fed President said interest rates could increase in September, but ended the week essentially where they started”, said Erin Lantz, vice president of mortgages at Zillow.

The refinance share of mortgage activity rose to 53.1% of total applications, from 51.3% the previous week, while the adjustable-rate mortgage share remained unchanged at 6.8%.

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The 1-year Treasury-indexed ARM averaged 2.62% this week with an average 0.3 point, up from last week when it averaged 2.54%.

30-Year Fixed Mortgage Rates Rise Slightly; Current Rate is 3.77%, According