LGIH - Mortgage rates reverses trend marginally to 2.8% still remains below 3%

30-year fixed-rate mortgage averaged 2.80% for the week ending July 29, up from 2.78% recorded in prior week and down from 2.99% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey. "Largely due to the current environment, the 30-year fixed-rate remains below 3% for the fifth consecutive week while the 15-year fixed-rate hits another record low," Chief Economist Sam Khater commented. Owners and buyers continue to benefit from some of the lowest mortgage rates of all-time. 15-year FRM averages 2.10% down from last week when it averaged 2.12%; a year-ago at this time it averaged 2.51%. 5-year Treasury-indexed hybrid adjustable rate mortgage averaged 2.45%, down from 2.49% in prior week, and lower from 2.94% a year ago. Mortgage REITs: (NYSE:CIM), (NASDAQ:AGNC), (NYSE:NLY), (NYSEARCA:HOMZ), (BATS:ITB), (BATS:REM), (NASDAQ:IEF) Homebuilder stocks: (NYSE:DHI), (NYSE:LEN), (NYSE:PHM), (NYSE:TMHC), (NYSE:KBH), (NASDAQ:LGIH)

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Mortgage rates reverses trend marginally to 2.8%, still remains below 3%