Fixed mortgage rates in the U.S. inched down for the second consecutive week reaching new lows, according to Freddie Mac's weekly primary mortgage market survey.
The average 30-year-fixed mortgage rates went down to 4.10 percent from last week's 4.12 percent. Last year during this time, the rate was 4.58 percent.
The average 15-year-fixed mortgage rates declined to 3.23 percent from last week's 3.24 percent. It averaged 3.60 percent at the same time, last year.
The five-year treasury-indexed hybrid adjustable mortgage rate fell to 2.95 percent from last week's 2.97 percent. The rate was 3.21 percent a year ago.
The average one-year treasury-indexed adjustable mortgage rate was the only rate that went up this week to 2.38 percent from last week's 2.36 percent. The rates averaged 2.67 percent at the same time last year.
Mortgage rates usually follow the yield on 10-year treasury notes, which traded at 2.43 percent this Wednesday, closer to the 2014 low of 2.41 percent, the Associated Press reported.
Experts are split o mortgage market trend predictions. About 58 percent of the experts Realtor.com surveyed said that mortgage rates will remain unchanged in the next one week while 38 percent predicted an increase.
"Rates have been in a narrow range for months, so this downward blip should not last long," said Holden Lewis, assistant managing editor of Bankrate.com was quoted by Realtor.com.
But they all agree that this is the right time to take advantage of the low rates.
"With the summer season coming to a close here in a few short weeks and as life begins to settle down a bit, now is a great time to consult with your local mortgage professional to see how you can take advantage of today's low interest rate environment," David Kuiper, vice president of Northpointe Bank told Realtor.com.
And people seem to be taking the advice. According to the National Association of Realtor's latest housing data, sales of existing homes in the country went up 2.4 percent in July - the highest since September 2013 and the fourth consecutive month of an increase.
