Latest Primary Mortgage Market Review for Mid-July by Freddie Mac, the average planned mortgage charge held steady with the 30 years fixed-rate mortgage remaining near its all-time report low of 3.31 % in November of 2012.
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The chief economist of Freddie Mac, Sean Becketti said, ‘ We call the last some weeks as A Tale of 2 Rates. Now following the Brexit vote, U.S. Treasury yields plummeted to all-time low levels. This week, markets secured and the 10-year Treasury yield rebounded sharply. In contrast, the 30 years mortgage rate decreased after the Brexit vote, but only by half as much as the 10 year Treasury yield. This week, the 30 years fixed rate hardly budged, rising just one basis point to 3.42 %. This pattern proposes that mortgage rates are likely to persist low throughout the summer. ‘
Picture Courtesy: nationalmortgageprofessional.com
SOME FREDDIE MAC NEWS FACTS
- 5 years Treasury-indexed hybrid adjustable rate mortgage averaged 2.76 % this week with an average 0.4 point, up from last week when it averaged 2.68 %. A year ago, the 5-year ARM (adjustable-rate mortgage) averaged 2.96%.
- 15 years fixed rate mortgage this week averaged 2.72 % with an average 0.5 point, down from last week when it averaged 2.74 %. A year ago at this time, the 15 years fixed rate mortgage averaged 3.25 %.
- 30 years fixed rate mortgage averaged 3.42 % with an average 0.5 point for the week ending July 14, 2016, up from last week when it equated 3.41 %. A year ago at this time, the 30 year FRM (fixed rate mortgage) averaged 4.09 %.
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