Mortgage Rates Hold Steady
Realtor.com reports that mortgage rates remained near recent lows this week, as the bond market continued to fall.
The 30-year fixed-rate mortgage averaged 3.84% in the June 20 week, up two basis points, Freddie Mac said Thursday. Halfway through 2019, this is only the seventh week in which the popular product has increased.
The 15-year fixed-rate mortgage averaged 3.25%, down from 3.26%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.48%, down three basis points. In the most recent week, according to data from the Mortgage Bankers Association, ARMs made up only 6.1% of all mortgage applications.
The steady swoon in mortgage rates is tracking a similar phenomenon in the 10-year U.S. Treasury note, which also touched a 2-year low in the past week. Mortgage rate moves often lag the broader bond market, so another step down for home loan rates may lie ahead.