Mortgage Rates Approaching All-Time Record Lows

Britain’s vote to exit the European Union continued to drive Treasury yields lower in the first week of July. Following that trend was the 30-year fixed-rate mortgage, which fell 7 basis points to 3.41 percent in mortgage finance agency Freddie Mac’s weekly mortgage rate survey. That means mortgage rates have now dropped 15 basis points during the past two weeks, leaving them only 10 basis points above the all-time low.

Here’s a look at Freddie Mac’s key findings for the week ending July 7:

  • The 30-year fixed-rate mortgage averaged 3.41 percent, with an average 0.5 point, down from previous week when it averaged 3.48 percent. At the same time last year, the 30-year fixed-rate mortgage averaged 4.04 percent.
  • The 15-year fixed-rate mortgage averaged 2.74 percent, with an average 0.4 point, down from the previous week when it averaged 2.78 percent. At the same time last year, the 15-year fixed-rate mortgage averaged 3.20 percent.
  • The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.68 percent, with an average 0.5 point, down from the previous week when it averaged 2.70 percent. At the same time last year, the five-year adjustable-rate mortgage averaged 2.93.