The average rate for a 30-year fixed-rate mortgage during the week ending July 5 dropped by four basis points to yet another record low of 3.62%, according to Freddie Mac.
In Freddie’s survey, the average 30-year rate has now fallen to a record low 10 out of the last 11 weeks.
At midmorning, shortly after Freddie’s weekly release of average mortgage rates, the long-term rate-indicative 10-year Treasury bond was down slightly on the day at 1.59%. The benchmark bond yield has ranged between 1.66% and 1.56% during the period covered by Freddie Mac’s survey, gravitating since Monday toward the lower end of that range.
Also during week ending July 5, the average 15-year FRM rate dropped five basis points to 2.89%.
Averages for shorter-term five-year Treasury-indexed hybrids and one-year Treasury adjustable-rate mortgage rates held steady and dropped six basis points.
The average five-year hybrid rate during the week ending July 5 stayed at 2.79% and the average one-year Treasury ARM rate was 2.68%.
Average points remained lowest for one-year Treasury ARMs, at 0.5 of a point. Five-year Treasury hybrids averaged 0.6 of a point, 15-year FRMs averaged 0.7 of a point and 30-year FRMs averaged 0.8 of a point.
A year ago, the average 30-year rate was 4.6%, the average 15-year rate was 3.75%, the average five-year Treasury hybrid rate was 2.79% and the one-year Treasury ARM rate was 2.74%.
