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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Aug 8, 2013

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Home loan interest rates changed very little this week according to rate reports provided by loans.org.

All three mortgage rates decreased, however the changes were all confined to five basis points or less.

For the week ending Aug. 8, 2013, the 30-year fixed-rate mortgage (FRM) averaged 4.26 percent, a minimal decrease from 4.29 percent reported last week.

The 15-year FRM averaged 3.27 percent. Last week, loans.org reported this rate at 3.31 percent.

The 5/1 adjustable-rate mortgage (ARM) interest rate averaged 3.14 percent, a five basis point decrease from 3.19 percent.

Huge home loan interest rate fluctuations seen in June and July 2013 have settled down due to employment reports and less concern over the Fed’s future plans to reduce bond purchases.

For July, the U.S. Department of Labor’s employment report last month was mixed. Although unemployment reduced to 7.4 percent, hourly wages decreased. The rates fell 0.1 percent, the first decline since October 2012.

Mike Premny, broker and owner of Icon Capital Group, said that while interest rates have stabilized over the past week, mortgage bonds are in a sideways to upper trend.

“The landscape is still volatile,” he said.

Mortgage loan interest rates have an inverse relationship with mortgage bonds — when bonds increase, rates decrease. Despite the recent increase of mortgage bonds, Premny said the changes may only be temporary.

“It is tough to say how long this tailwind could last and how powerful it is against other market forces, like a general sell-off in the entire bond market,” he said.