U.S. Mortgage Rates Near Record Low in Mid-July, Says Freddie Mac

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According to Freddie Mac's latest Primary Mortgage Market Survey for Mid-July, the average fixed mortgage rate held steady with the 30-year fixed-rate mortgage remaining near its all-time record low of 3.31 percent in November of 2012.

Sean Becketti, chief economist of Freddie Mac said, "We describe the last few weeks as A Tale of Two Rates. Immediately following the Brexit vote, U.S. Treasury yields plummeted to all-time lows. This week, 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. This week, the 30-year fixed rate barely budged, rising just one basis point to 3.42 percent. This pattern suggests that mortgage rates are likely to remain low throughout the summer."
 
Freddie Mac News Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.42 percent with an average 0.5 point for the week ending July 14, 2016, up from last week when it averaged 3.41 percent. A year ago at this time, the 30-year FRM averaged 4.09 percent.

• 15-year FRM this week averaged 2.72 percent with an average 0.5 point, down from last week when it averaged 2.74 percent. A year ago at this time, the 15-year FRM averaged 3.25 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.76 percent this week with an average 0.4 point, up from last week when it averaged 2.68 percent. A year ago, the 5-year ARM averaged 2.96.