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Saturday, July 16, 2016
Mortgage Rates Stay Near Record Low
Mortgage rates barely budged this week, staying near record lows. The 30-year fixed-rate mortgage averaged 3.42% this week, just slightly above its all-time record low of 3.31% set in November of 2012.
"We describe the last few weeks as A Tale of Two Rates,” says Sean Becketti, Freddie Mac’s chief economist. “Immediately following the Brexit vote, U.S. Treasury yields plummeted to all-time lows. This week, markets stabilized and the 10-year Treasury yield rebounded sharply. In contrast, the 30-year mortgage rate declined after the Brexit vote, but only by half as much as the 10-year Treasury yield. This pattern suggests that mortgage rates are likely to remain low throughout the summer."
Freddie Mac reports the following national averages with mortgage rates for the week ending July 14:
•30-year fixed-rate mortgages: averaged 3.42 percent, with an average 0.5 point, rising slightly from last week’s 3.41 percent. A year ago, 30-year rates averaged 4.09 percent.
•15-year fixed-rate mortgages: averaged 2.72 percent, with an average 0.5 point, dropping from last week’s 2.74 percent. A year ago, 15-year rates averaged 3.25 percent.
•5-year hybrid adjustable-rate mortgages: averaged 2.76 percent, with an average 0.4 point, rising from last week’s 2.68 percent average. Last year at this time, 5-year ARMs averaged 2.96 percent.