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Mortgage Rates Near All-Time Lows

Mortgage rates hit a new 2016 low this week, and they’re also nearing the lowest averages ever recorded. Freddie Mac reports the 30-year mortgage rate is close to the November 2012 record low of 3.31 percent.

“Continuing fallout from the Brexit vote drove Treasury yields lower again this week,” says Sean Becketti, Freddie Mac’s chief economist. “ The 30-year fixed-rate mortgage followed Treasury yields, falling 7 basis points to 3.41 percent in this week’s survey. Mortgage rates have now dropped 15 basis points over the past two weeks, leaving them only 10 basis points above the all-time low.”

Freddie Mac reports the following national averages with mortgage rates for the week ending July 7:

  • 30-year fixed-rate mortgage: averaged 3.41 percent, with an average 0.5 point, dropping from last week’s 3.48 percent average. Last year at this time, 30-year rates averaged 4.04 percent.
  • 15-year fixed-rate mortgages: averaged 2.74 percent, with an average 0.4 point, falling from last week’s 2.78 percent average. A year ago, 15-year rates averaged 3.20 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.68 percent, with an average 0.5 point, falling from last week’s 2.70 percent average. A year ago, 5-year ARMs averaged 2.93 percent.

Source: Freddie Mac

Posted on July 8, 2016 at 12:27 pm by Silicon Valley Realty Team

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