30-year fixed-rate mortgages (FRMs) ticked down two basis points to 4.13%. 15-year FRMs fell one single b.p., slipping to 3.23%. One year ago, 30-year FRMs cost 4.37%, and 15-years 3.41%.
5/1 adjustable-rate mortgages (ARMs) dropped two basis points to 2.97%. 1-year ARMs slipped one b.p. to land at 2.39%. A year ago, 5/1 ARMs were at 3.17%, and 1-year ARMs at 2.66%.
Freddie Mac Vice President and Chief Economist Frank Nothaft noted that there was little news on the economy this past week, capable of shifting mortgage rates more drastically. Industrial production rose slightly in June, but was still below "market consensus forecast."
Elsewhere in the markets, the housing sector as a whole is showing continued weakness. The SPDR S&P Homebuilders ETF (NYSEMKT: XHB ) , which tracks the value of publicly traded homebuilders, has declined 3.4% in value over the past seven days, slipping below $31 a share in midday trading Thursday. This followed a 2.1% decline in the preceding week.
Leaked: Apple's next smart device (warning, it may shock you)
Apple recently recruited a secret-development "dream team" to guarantee its newest smart device was kept hidden from the public for as long as possible. And there's one small company making Apple's gadget possible. And its stock price has nearly unlimited room to run for early, in-the-know investors. To be one of them, and see Apple's newest smart gizmo, just click here!