According to Freddie Mac's latest Primary Mortgage Market Survey for early August 2017, the 30-year fixed mortgage rate dropped to its lowest point in six weeks.
Sean Becketti, chief economist of Freddie Mac commented, "After holding relatively flat last week, the 10-year Treasury yield fell 4 basis points this week. The 30-year mortgage rate moved in tandem with Treasury yields, dropping 3 basis points to 3.90 percent. Earlier this week, Federal Reserve officials highlighted the influence of continued weak inflation data on rates."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 3.90 percent with an average 0.5 point for the week ending August 10, 2017, down from last week when it averaged 3.93 percent. A year ago at this time, the 30-year FRM averaged 3.45 percent.
15-year FRM this week averaged 3.18 percent with an average 0.5 point, the same as last week. A year ago at this time, the 15-year FRM averaged 2.76 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.14 percent this week with an average 0.5 point, down from last week when it averaged 3.15 percent. A year ago at this time, the 5-year ARM averaged 2.74 percent.
According to the National Association of Realtors, existing-home sales slipped in June 2017 as low supply kept homes selling at a near record pace but ultimately ended up muting overall activity. Only the Midwest saw an increase in sales last month.
According to Freddie Mac's latest Primary Mortgage Market Survey, the average U.S. mortgage rate rose across the board for the second consecutive week in Mid-July. 30-year mortgage rate has cleared the psychologically important 4 percent mark for the first time since May.