For the second week in a row, the average fixed-mortgage rates dropped due to both the Fed’s decision on Wednesday not to raise rates, and the international insecurity revolving around the UK’s decision with the regards to the European Union.

“Wednesday’s Fed decision to once again stand pat on rates, as well as growing anticipation of the U.K.’s upcoming European Union referendum will make it difficult for Treasury yields and, more importantly, mortgage rates to substantially rise in the upcoming weeks,” Freddie Mac Chief Economist Sean Becketti said.

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Freddie Mac

(Source: Freddie Mac)

The 30-year fixed-mortgage decreased to 3.54% for the week ending June 16, 2016. This is down from last week’s 3.6%. This time last year, it averaged 4%.

The 15-year FRM also decreased to 2.81% from last week’s 2.87%. Annually, the rate decreased from 3.23%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.74% this week, a decrease from 2.82% last week. It also decreased from 3% last year.

“The 10-year Treasury yield continued its free fall this week as global risks and expectations for the Fed’s June meeting drove investors to the safety of government bonds,” Becketti said.