The 30-year fixed-rate mortgage increased again this week, proving the impact of Brexit may just be over, according to Freddie Mac’s Primary Mortgage Market Survey released today.

“Post-Brexit volatility tapered off over the last two weeks, allowing interest rates to bounce back a bit from their record, 10-year Treasury yield, and near-record, 30-year mortgage rate, lows,” Freddie Mac Chief Economist Sean Becketti said.

Click to Enlarge

Rates

(Source: Freddie Mac)

The 30-year fixed-rate mortgage increased to an average 3.45% for the week ending July 21, 2016. This is an increase from last week’s 3.42% and last year’s 4.04%.

“This week, the 30-year fixed mortgage rate increased three basis points to a still-quite- low 3.45%,” Becketti said.

The 15-year FRM averaged 2.75% this week, an increase from last week’s 2.72% and from last year’s 3.21%.

This week’s five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.78%, an increase from last week’s 2.76% and last year’s 2.97%.

“With the Federal Reserve on hold and the UK monetary authority taking at least a one-month breather, we don’t expect any significant movement in mortgage rates in the near-term,” Becketti said. “This summer remains an auspicious time to buy a home or to refinance an existing mortgage.”

These results seem to confirm Capital Economics’ view that the impact of Brexit on the U.S. housing market has come to an end.

Most Popular Articles

FHA loan limits increasing for almost all of U.S. in 2020

Thanks to increases in home prices in 2019, the Federal Housing Administration loan limit will increase for nearly all of the country in 2020.

Dec 05, 2019 By

Latest Articles

HousingWire is growing. Come join us

2019 has been a year of tremendous audience and product growth for HousingWire and we couldn’t be prouder. But we’re not ready to rest on our laurels. Far from it. In fact, 2020 promises to be an even bigger year for HousingWire.

Dec 06, 2019 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please