WASHINGTON–Mortgage rates continue to dip to near record lows. Data released by Freddie Mac show that last week:
* The 30-year fixed-rate mortgage (FRM) averaged 3.42% with an average 0.5 point for the week ending July 14, 2016, up from last week when it averaged 3.41%. A year ago at this time the 30-year FRM averaged 4.09%.
* The 15-year FRM averaged 2.72% with an average 0.5 point, down from last week when it averaged 2.74%. A year ago at this time the 15-year FRM averaged 3.25%.
* The five--year Treasury-indexed hybrid ARM averaged 2.76% this week with an average 0.4 point, up from last week when it averaged 2.68%. A year ago the five-year ARM averaged 2.96.
"We describe the last few weeks as A Tale of Two Rates,” says Sean Becketti, chief economist, Freddie Mac in a released statement. “Immediately following the Brexit vote, U.S. Treasury yields plummeted to all-time lows. This week, markets stabilized and the 10-year Treasury yield rebounded sharply. In contrast, the 30-year mortgage rate declined after the Brexit vote, but only by half as much as the 10-year Treasury yield. This week, the 30-year fixed rate barely budged, rising just one basis point to 3.42%. This pattern suggests that mortgage rates are likely to remain low throughout the summer."