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Mortgage Rates Hang On

Mortgage rates hung on this week, making virtually no movement from the week prior, according to Freddie Mac’s recently released Primary Mortgage Market Survey (PMMS®). The 30-year, fixed rate averaged 3.93 percent, up from 3.92 percent the week prior, while the 15-year, fixed rate averaged 3.18 percent, down from 3.20 percent the week prior. The 5-year, Treasury-indexed hybrid adjustable rate averaged 3.15 percent, down from 3.18 percent the week prior.

“The 10-year Treasury yield was relatively flat this week, as was the 30-year mortgage rate which rose one basis point to 3.93 percent,” says Sean Becketti, chief economist at Freddie Mac. “Despite a strong advance estimate for second quarter GDP, markets are erring on the side of caution.”

Source: Freddie Mac

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