Rates for the 30-year fixed-rate mortgage held steady this week, remaining near their all-time record low, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.42% for the week ending July 14,
"This week, the 30-year fixed rate barely budged, rising just one basis point. This pattern suggests that mortgage rates are likely to remain low throughout the summer," said Sean Becketti, chief economist at Freddie Mac.
Mortgage rate movements in the past couple of weeks have not been as volatile as that for the 10-year Treasury yield. "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," said Becketti.
The 15-year FRM averaged 2.72%, down from last week when it averaged 2.74%. A year ago at this time, the 15-year averaged 3.25%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.76%, up from last week when it averaged 2.68%, while a year ago it averaged 2.96%.
