The average primary market rate for a 30-year fixed-rate mortgage fell six basis points to 4.31% during the week ending July 25, easing for the second consecutive week, according to Freddie Mac’s latest survey.
“Mortgage rates eased for the second consecutive week which should help to alleviate market concerns of a slowdown in the housing market,” Frank Nothaft, Freddie Mac vice president and chief economist, said in his weekly rate report.
All other rates also fell during the most recent Freddie Mac survey week but only by one or two basis points.
The 15-year FRM dropped two basis points from
Average points during the week ending July 25 were 0.8 of a point for both types of FRMs, 0.7 of a point for five-year Treasury hybrids and 0.4 of a point for one-year Treasury ARMs.
All weekly averages for rates, with the exception of the one-year Treasury ARMs, are higher than a year ago. At that time, the average 30-year rate was 3.49%, the average 15-year rate was 2.8%, the average five-year Treasury hybrid rate was 2.74% and the average one-year Treasury ARM rate was 2.71%.
Although the weekly average mortgage rate has been lower, long-term rate-indicative Treasury bond yields were trending higher at deadline Thursday morning according to Yahoo Finance, which showed the 10-year Treasury yield at 2.62% at that time. It had been as low as 2.47% or so earlier in the week.
