Refinances hit lowest level since June
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
(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.