Mortgage rates held near 2016 lows as a result of minimal action in the 10-year Treasury yield over the past week, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.58% for the week ending May 19,
"The 10-year Treasury yield saw minimal movement over the past week, despite encouraging news from April's consumer spending and CPI data. Accordingly, the 30-year mortgage rate moved up just 1 basis point from its 2016 low," said Sean Becketti, chief economist at Freddie Mac.
The 15-year FRM averaged 2.81%, unchanged from last week. A year ago at this time, the 15-year averaged 3.05%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.8%, up from last week when it averaged 2.78%, while a year ago it averaged 2.88%.
"Although there was minimal change in rates this week, the hawkish tone of Wednesday's Fed minutes release had an immediate impact on Treasury yields, and could possibly shake up next week's survey results," Becketti added.
