Average mortgage rates remained relatively steady in the latest week tracked by Freddie Mac, which ended June 30.
The average rate for the 30-year fixed-rate mortgage rose by a basis point from the previous week to 4.51% while the average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage inched down three bps to another record low at 3.22%.
The average 15-year FRM rate remained unchanged week-to-week at 3.69% while the one-year Treasury ARM fell two basis points to 2.97%.
Average points were 0.7 of a point for 30- and 15-year FRMs, and 0.6 of a point for five-year Treasury hybrids and one-year Treasury ARMs.
All rates are still lower than the same week a year ago when the 30-year was 4.58%, the 15-year was 4.04%, the five-year Treasury hybrid was 3.79% and the one-year Treasury ARM was 3.8%.
Whether rates stay fairly stable and lower than last year going forward remains to be seen.
The 10-year Treasury yield that some traditionally consider an indicator of long-term rates had been below 3% for weeks but it has risen more recently. As of press time Thursday morning it was close to 3.19% as Greece took steps to address its financial concerns and the market began to focus on the ending of the Federal Reserve’s Treasury bond purchases through its “QE2” quantitative easing program.
