The Dow had fallen more than 400 points and long-term rate-indicative 10-year Treasury yield had plunged to a record low below 2% at one point Thursday as the average weekly 30-year mortgage rate tracked by Freddie Mac hit a low not seen in over 50 years.
By late afternoon, industry stocks were generally down but some were faring better than others. Bank of America was down around 6%, Radian was down around 10%, MGIC was down around 12%, PennyMac was down around 3-4%, and Ellie Mae was down around 6-7%. The 10-year was back above 2%, nearing 2.1%.
As of Thursday, the average weekly rate for a 30-year fixed rate loan had fallen 17 basis points to 4.15%, while the average 15-year rate had dropped 14 bps to 3.36%.
Shorter-term mortgage rates also fell during the week ending Aug. 18 from the previous week, albeit by fewer basis points.
The average rate for a five-year, Treasury-indexed hybrid adjustable-rate mortgage dropped 6 bps to 3.08% while the average one-year Treasury ARM rate fell 3 bps to 2.86%.
Average points during the week ending Aug. 18 were 0.7 of a point for 30-year FRMs, 0.6 of a point for 15-year FRMs and one-year Treasury ARMs, and 0.5 of a point for five-year Treasury hybrids.
A year ago, average Freddie Mac rates were as follows: 4.42% for 30-year loans, 3.9% for 15-year loans, 3.56% for five-year Treasury hybrids, and 3.53% for one-year Treasury ARMs.
