US mortgage rates move lower

US mortgage rates move lower
22/07/2017 , by , in INTERNATIONAL

According to Freddie Mac’s latest Primary Mortgage Market Survey, the average U.S. mortgage rate dropped in mid-July, after two straight weeks of increases.

Sean Becketti, chief economist at Freddie Mac, “Continued economic uncertainty and weak inflation data pushed rates lower this week. The 10-year Treasury yield fell 5 basis points this week. The 30-year mortgage rate moved with Treasury yields, dropping 7 basis points to 3.96 percent.”

30-year fixed-rate mortgage (FRM) averaged 3.96 percent with an average 0.6 point for the week ending July 20, 2017, down from last week when it averaged 4.03 percent. A year ago at this time, the 30-year FRM averaged 3.45 percent.

15-year FRM this week averaged 3.23 percent with an average 0.5 point, down from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.75 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21 percent this week with an average 0.5 point, down from last week when it averaged 3.28 percent. A year ago at this time, the 5-year ARM averaged 2.78 percent.

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