WASHINGTON–July may have seen record heat, but the same can’t be said for mortgage rates.
The average rates on mortgages slid to some of their lowest points in a month, despite the increase in Treasury yields.
The most recent data show that for the week ending July 27:
- The 30-year fixed-rate mortgage averaged 3.92%, down from 3.96% one week earlier.
- The 15-year fixed-rate mortgage averaged 3.20%, down three basis points from the week earlier.
- The five-year Treasury-indexed hybrid ARM averaged 3.18%, down from 3.21% one week earlier.
Freddie Mac’s chief economist issued a statement that in the coming weeks mortgage rates will likely be influenced by market reaction to the Fed’s announcement that it is seeking to trim its balance sheet.