According to Freddie Mac's latest Primary Mortgage Market Survey, the average U.S. mortgage rate dropped for the second consecutive week in late July 2017.
Sean Becketti, chief economist at Freddie Mac said, "The 10-year Treasury yield rose 5 basis points this week while the 30-year mortgage rate dropped 4 basis points to 3.92 percent. Mortgage rates in next week's survey would depend on how the market reacts to the Fed's balance sheet unwinding announcement."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 3.92 percent with an average 0.5 point for the week ending July 27, 2017, down from last week when it averaged 3.96 percent. A year ago at this time, the 30-year FRM averaged 3.48 percent.
15-year FRM this week averaged 3.20 percent with an average 0.5 point, down from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 2.78 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent this week with an average 0.5 point, down from last week when it averaged 3.21 percent. A year ago at this time, the 5-year ARM averaged 2.78 percent.
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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. After holding relatively flat last week, the 10-year Treasury yield fell 4 basis points this week.