30-year Mortgage Rate Declines To 4.04%

The average rate for a 30-year fixed-rate mortgage declined to 4.04% in the week that ended July 9, pulling back from the prior week's reading of 4.08%, which was the highest rate since October, according to a Thursday report from federally controlled mortgage buyer Freddie Mac. "Yields on Treasury securities declined this week in response to investor concerns about events in Greece and China," said Sean Becketti, Freddie's chief economist. A year ago, the 30-year rate was at 4.15%. A record low of 3.31% for the 30-year mortgage was reached in November 2012. The average rate for the 15-year fixed-rate mortgage fell to 3.20% in the latest week from 3.24% in the prior week. Meanwhile, the rate for a 5-year Treasury-indexed hybrid adjustable-rate mortgage dropped to 2.93% from 2.99%. The rate for a 1-year Treasury-indexed ARM decreased to 2.50% from 2.52%.