Mortgage Rates are Down …… For NOW

Expected to increase next week

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Mortgage rates dropped this week, however, they are not expected to stay down for long as the Treasury yield inches higher.

“The 30-year mortgage rate fell two basis points to 3.88% this week,” Freddie Mac Chief Economist Sean Becketti said. “However, the majority of our survey was conducted prior to Tuesday’s sell-off in the bond market which drove Treasury yields higher.”

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(Source: Freddie Mac)

The 30-year fixed-rate mortgage decreased to 3.88% for the week ending June 29, 2017. This is down from last week’s 3.9%, but up from last year’s 3.48%.

The 15-year FRM, however, remained the same at 3.17%, up from 2.78% last year.

The five-year Treasury-indexed hybrid adjustable-rate mortgage increased this week to 3.17%. This is up from last week’s 3.14% and from last year’s 2.7%.

“Mortgage rates may increase in next week’s survey if Treasury yields continue to rise,” Becketti said.

This entry was posted in Financing, Home Buying, Home Selling, Homeownership, Market Conditions, Mortgage and tagged , , , , , , . Bookmark the permalink.

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