Freddie Mac: Mortgage Rates Decreased in Anticipation of Fed’s Decision

Refinances hit lowest level since June

Red house graph down

After the jump last week, mortgage rates decreased once again in anticipation of the Federal Open Market Committee’s meeting results.

“The 10-year Treasury yield declined after last week’s post-Brexit high in anticipation of the Fed’s September policy meeting,” Freddie Mac Chief Economist Sean Becketti said. “The 30-year fixed-rate mortgage followed Treasury yields, falling two basis points and settling at 3.48%.”

Click to Enlarge

9-22-16

(Source: Freddie Mac)

The 30-year fixed-rate mortgage decreased slightly from last week’s3.5% to 3.48% for the week ending September 22, 2016. This is down from last year’s 3.86%.

The 15-year FRM also decreased to 2.76%. This is down from last week’s 2.77% and last year’s 3.08%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage decreased slightly to 2.8%. It is down from last week’s 2.82% and last year’s 2.91%.

“Despite the decrease in rates, the Refinance Index plunged 8% to its lowest level since June,” Becketti said.

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