Average fixed mortgage rates have dropped slightly from last week's post-Brexit high, according to Freddie Mac's recently released Primary Mortgage Market Survey® (PMMS®).
"The 10-year Treasury yield declined after last week's post-Brexit high in anticipation of the Fed's September policy meeting,” says Sean Becketti, chief economist, Freddie Mac. “The 30-year fixed-rate mortgage followed Treasury yields, falling 2 basis points and settling at 3.48 percent. Despite the decrease in rates, the Refinance Index plunged 8 percent to its lowest level since June.”
The 15-year FRM this week averaged 2.76 percent with an average 0.5 point, down from last week when it averaged 2.77 percent. A year ago at this time, the 15-year FRM averaged 3.08 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week with an average 0.5 point, down from last week when it averaged 2.82 percent. A year ago, the 5-year ARM averaged 2.91 percent.
For more information, visit www.freddiemac.com.