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Mortgage Rates Retreat After Two-Week Rise

Mortgage rates are retreating after two weeks of upward momentum, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The 30-year, fixed rate, on average, is 3.96 percent, down from 4.03 percent the week prior, and the 15-year, fixed rate, on average, is 3.23 percent, down from 3.29 percent the week prior. The 5-year, Treasury-indexed hybrid adjustable rate, on average, is 3.21 percent, down from 3.28 percent the week prior.

“Continued economic uncertainty and weak inflation data pushed rates lower this week,” says Sean Becketti, chief economist at Freddie Mac. “The 10-year Treasury yield fell five basis points this week. The 30-year mortgage rate moved with Treasury yields, dropping seven basis points to 3.96 percent.”

Source: Freddie Mac

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