Wednesday, the Federal Open Markets Committee elected to hold off on an interest rate hike, however that decision has yet to impact mortgage rates.
“The 10-year Treasury yield rose five basis points this week while the 30-year mortgage rate dropped four basis points to 3.92%,” Freddie Mac Chief Economist Sean Becketti said.
Click to Enlarge
(Source: Freddie Mac)
The 30-year fixed-rate mortgage decreased to 3.92% for the week ending July 27, 2017. This is down from last week’s 3.96% but up from 3.48% last year.
The 15-year FRM also decreased, hitting 3.2%, down from 3.23% last week but up from 2.78% last year.
The five-year Treasury-indexed hybrid adjustable-rate mortgage dropped to 3.18%. This is down from last week’s 3.21% but up from 2.78% last year.
“Mortgage rates in next week’s survey would depend on how the market reacts to the Fed’s balance sheet unwinding announcement,” Becketti said.