Averaged over the course of the week ending July 18, the 30-year mortgage rate tracked by Freddie Mac dropped 14 basis points to 4.37%.
Whether rates remain lower remains to be seen. As of Thursday morning stock indices had hit record highs, which rate-indicative long-term bond yields tend to follow upward. The benchmark 10-year Treasury yield late Thursday morning was up slightly at 2.53%, compared to a close the day before just below 2.5%, according to Yahoo Finance.
Meanwhile, in Freddie’s survey, the rate for a 15-year fixed-rate mortgage had fallen 12 basis points from the previous week to 3.41% during the week ending Thursday.
The average rate for five-year Treasury-indexed hybrids was lower during that period, falling 9 basis points to 3.17%, and the average rate for a one-year Treasury-indexed adjustable-rate mortgage remained the same at 2.66%.
On average in the past week, points averaged 0.4 of a point for one-year Treasury ARMs, 0.6 of a point for five-year Treasury hybrids, and 0.7 of a point for 15- and 30-year FRMs.
A year ago, the average 30-year FRM rate was 3.53%, the average 15-year FRM rate was 2.83%, the average five-year Treasury hybrid rate was 2.69% and the average one-year Treasury ARM rate was also 2.69%, according to Freddie Mac.