Mortgage Rates Up Slightly
The 10-year Treasury yield remained flat this week in anticipation of the Fed's July policy meeting. Mortgage rates, on the other hand, rose another 3 basis points to 3.48 percent. Nonetheless, home sales continue to benefit from the persistently low mortgage rates with June's new home sales coming in at an annualized rate of 592,000 homes – its fastest pace since 2008.
- 30-year fixed-rate mortgage (FRM) averaged 3.48 percent with an average 0.5 point for the week ending July 28, 2016, up from last week when it averaged 3.45 percent. A year ago at this time, the 30-year FRM averaged 3.98 percent.
- 15-year FRM this week averaged 2.78 percent with an average 0.5 point, up from last week when it averaged 2.75 percent. A year ago at this time, the 15-year FRM averaged 3.17 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.78 percent this week with an average 0.5 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.95 percent.
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