Long-term primary market mortgage rates tracked by Freddie Mac have hit more record lows and with the benchmark 10-year Treasury yield just above 2.9% shortly after noon Thursday there could be more ahead—depending on what employment numbers set for release on Friday are like.
The Primary Mortgage Market Survey for the week ended July 1, found on average the 30-year fixed rate slid to 4.58% from 4.69% the week before and from 5.32% a year ago; the 15-year fixed rate fell to 4.04% from 4.13% the week before and 4.77% a year ago; and the five-year Treasury-indexed hybrid dropped to 3.79% from 3.84% a week ago and 4.88% a year ago.
Only the one-year Treasury adjustable-rate mortgage rose, jumping slightly to 3.80% from 3.77% a week ago, but this was still down from 4.94% a year ago. Average points for all the aforementioned loan types were 0.7.
