Mortgage rates dropped this week to their lowest point this year as yields on the 10-year Treasury remain depressed in the wake of the Brexit vote.
For the week ending July 7, the 30-year fixed-rate mortgage averaged 3.41%, just 10 basis points from its November 2012 all-time record low of 3.31%, according to Freddie Mac.
"Continuing fallout from the Brexit vote drove Treasury yields lower again this week. Mortgage rates have now dropped 15 basis points over the past two weeks, leaving them only 10 basis points above the all-time low," said Sean Becketti, chief economist at Freddie Mac.
The yield on the 10-year Treasury has been near or at record low levels over the past two weeks and it reached an all-time low on Wednesday night at 1.36%.
The 15-year FRM averaged 2.74%, down from last week when it averaged 2.78%. A year ago at this time, the 15-year averaged 3.2%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.68%, down from last week when it averaged 2.7%, while a year ago it averaged 2.93%.
