Mortgage Rates Tick Down
The 10-year Treasury yield declined after last week's post-Brexit high in anticipation of the Fed's September policy meeting. 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.
- 30-year fixed-rate mortgage (FRM) averaged 3.48 percent with an average 0.6 point for the week ending September 22, 2016, down from last week when it averaged 3.50 percent. A year ago at this time, the 30-year FRM averaged 3.86 percent.
- 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.
- 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.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
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