A stable Greek economic scenario has helped the U.S. bond market achieve a lower-volatility state towards the end of the week. The third bailout discussions between the Greek and European authorities are progressing in a cohesive manner. Another positive news was the release of strong housing starts data for the month of June reporting 9.8% growth in comparison with the last month. Multifamily housing units were the primary catalyst behind this growth with an increase of 29.4% during the month. However, single-family starts were down 0.9% for the month dragging the economic growth lower. Further, lower single-family starts led the bond market towards strength after the initial weakness on overall stronger results.
On an overall, world markets were bearish because of lower corporate results from companies like Boeing and Volvo. The U.S. dollar was up backed by strong housing data coupled with healthy inflation rate and the U.S. dollar index was 0.22% higher on Friday. The Nasdaq composite index registered a record high after positive earnings from Google. A strong economic data for the U.S. including consumer price index data, surging building permits, and growing housing market will help the Feds move towards an interest rate hike in near future.
The mortgage interest rates for a 30-year fixed rate mortgage were slightly higher on July 18, 2015 in comparison to the start of the week at 4.17%. The short-term 15-year fixed rate mortgage was available at an average interest of 3.34%. On the other hand, a 30-year refinance loan with fixed interest rate was available for 4.20% interest and its 15-year counterpart came at an interest of 3.35%.
Bank of America was offering its 30-year fixed rate mortgage for 4.125% interest and its 15-year mortgage with fixed interest was available for 3.250% interest. On the contrary, a 30-year fixed rate refinance loan was available at an interest of 4.375% whereas, a 15-year fixed rate refinance loan came at an interest of 3.250%.
A 30-year fixed mortgage from Chase was available at an interest of 4.000% with 0.750 points. Its 15-year fixed mortgage was offered at an interest of 3.250% with 0.750 points. The bank was offering refinance loans at an interest of 4.125% with 0.750 points and 3.375% with 1.000 points for 30-year and 15-year fixed rate loans, respectively.
Wells Fargo was quoting an interest rate of 4.250% for a 30-year fixed rate loan and 3.375% for a 15-year fixed rate mortgage.
The interest rates mentioned within the article are subjected to change without any guarantee and are up-to-date at the time of publishing of the article. For the latest interest rates, make sure to check the current values.