In the wake of the Brexit vote, the yield on the 10-year U.S. Treasury bond plummeted 24 basis points. The 30-year mortgage rate declined 8 basis points to 3.48 percent. This week’s survey rate is the lowest since May 2013 and only 17 basis points above the all-time low recorded in November 2012. This extremely low mortgage rate should support solid home sales and refinancing volume this summer.
Growing optimism about the state of the economy was quickly erased with May’s employment report. The disappointing release caused an immediate flight to quality resulting in the 10-year Treasury yield dropping 10 basis points on Friday. The 30-year fixed-rate mortgage responded by falling 6 basis points to 3.60 percent. This week marks the 10th consecutive week the 30-year rate has averaged under 3.7 percent, allowing an extended window for homebuyers to take advantage of these historically-low borrowing costs.
Since jumping 11 basis points on May 18th, the 10-year Treasury yield has leveled-off around 1.85 percent. Mortgage rates continue to adjust to this new level with the 30-year fixed rate inching up another 2 basis points this week to 3.66 percent.
U.S. Treasury yields moved up in response to the Fed minutes release, which kept alive the possibility of a summer rate-hike. Mortgage rates followed, with the 30-year fixed-rate mortgage increasing 6 basis points to 3.64 percent. Despite this increase, May ends the month averaging only 3.60 percent, 1 basis point below April’s average, and the lowest monthly average in 3 years.
Freddie Mac’s March 10 release of the results of its Primary Mortgage Market Survey® (PMMS®) shows mortgage rates moving higher for the second week in a row. The increase, only the second this year, means mortgage rates remain very attractive for the upcoming spring home buying season.
The March 3 release of the results of Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) shows mortgage rates ticking higher for the first time in two months.
Freddie Mac’s February 25 release of the results of its Primary Mortgage Market Survey® (PMMS®) shows fixed mortgage rates resuming their decline and aiding homebuyer affordability amid a tight supply of for-sale homes in many markets.
Freddie Mac’s February 18 release of the results of its Primary Mortgage Market Survey® (PMMS®) shows fixed mortgage rates unchanged from the previous week and remaining near their 2015 lows.
Freddie Mac’s February 11 release of the results of its Primary Mortgage Market Survey® (PMMS®) shows mortgage rates moving lower for the sixth consecutive week amid ongoing market volatility. The average 30-year fixed is hovering just above its 2015 low of 3.59 percent.
Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) results released February 4 show mortgage rates moving lower for the fifth consecutive week amid ongoing market volatility. The average 30-year fixed is at its lowest point since the week of April 30, 2015 when it averaged 3.68 percent.
