Mortgage rates ticked up slightly across the board as the bond market settled from its post-Brexit volatility, but they remained near their historic lows, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.45% for the week ending July 21,
"Post-Brexit volatility tapered off over the last two weeks, allowing interest rates to bounce back a bit from their record (10-year Treasury yield) and near-record (30-year mortgage rate) lows," said Sean Becketti, chief economist at Freddie Mac.
The 15-year FRM averaged 2.75%, up from last week when it averaged 2.72%. A year ago at this time, the 15-year averaged 3.21%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.78%, up from last week when it averaged 2.76%, while a year ago it averaged 2.97%.
"With the Federal Reserve on hold and the U.K. monetary authority taking at least a one-month breather, we don't expect any significant movement in mortgage rates in the near-term," Becketti added.
