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Mortgage Rates Slip Further

Mortgage rates, or interest rates on home loans, dropped further from last week as U.S. Treasury yields dipped, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 2.90 percent for the week ending July 8, 2020, down from 2.98 percent last week. A year ago at this time, the average rate was 3.03 percent.

The 15-year FRM this week averaged 2.20 percent, down from 2.26 percent last week. A year ago at this time, the 15-year FRM averaged 2.51 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.52 percent, down from 2.54 percent last week. It was 3.02 percent a year ago.

"Mortgage rates decreased this week following the dip in U.S. Treasury yields. While mortgage rates tend to follow Treasury yields closely, other factors can be impactful such as the labor markets, which are continuing to improve per last week's jobs report," said Sam Khater, Freddie Mac's Chief Economist. "We expect economic growth to gradually drive interest rates higher, but homebuyers and refinance borrowers still have an opportunity to take advantage of 30-year rates that are expected to continue to hover around three percent."

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