Mortgage Rates Experience a Slight Uptick: Still a Favorable Time to Buy or Refinance

 

The fallout from Brexit has lessened during the past two weeks, permitting interest rates to rebound slightly from their record 10-year Treasury yield and near-record 30-year mortgage rate lows, according to Freddie Mac’s weekly Mortgage Rates Survey. During the week ending July 21, the 30-year fixed mortgage rate increased 3 basis points to a still low 3.45 percent. With the Federal Reserve on hold and the U.K. monetary authority taking at least a one- month breather, Freddie Mac doesn’t foresee any significant movement in mortgage rates in the near term. This summer remains a favorable time to buy a home or to refinance an existing mortgage. Freddie Mac Findings from the week ending July 21:

• The 30-year fixed-rate mortgage averaged 3.45 percent, with an average 0.5 point for the week, up from the previous week’s average of 3.42 percent. At the same time last year, the 30-year fixed-rate mortgage averaged 4.04 percent.

• The 15-year fixed-rate mortgage averaged 2.75 percent, with an average 0.5 point, up from the previous week’s average of 2.72 percent. At the same time last year, the 15-year fixed-rate mortgage averaged 3.21 percent.

• The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.78 percent for the week, with an average 0.5 points, up from the previous week’s average of 2.76 percent. At the same time last year, the five-year adjustable-rate mortgage averaged 2.97 percent.