Mortgage Rates Hold Steady as Markets Remain Cautious

Mortgage rates held steady from the previous week, while still remaining near their all-time record lows, according to Freddie Mac.

The 30-year fixed-rate mortgage averaged 3.43%, while a year ago at this time it averaged 3.84%.

"Treasury yields were little changed from the prior week. This marks the ninth consecutive week that mortgage rates have been below 3.5%," said Sean Becketti, chief economist at Freddie Mac.

The 15-year fixed-rate mortgage averaged 2.74%, also unchanged from last week. A year ago at this time it averaged 3.06%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.75%, up 1 basis point from last week, while a year ago it averaged 2.9%.

"Markets are erring on the side of caution ahead of the second estimate for second-quarter GDP and Fed Chair Janet Yellen's speech on Friday," Becketti added.