Mortgage rates held steady this week, increasing only one basis point as the markets remained cautious.
“The 10-year Treasury yield was relatively flat this week, as was the 30-year mortgage rate which rose one basis point to 3.93%,” Freddie Mac Chief Economist Sean Becketti said.
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(Source: Freddie Mac)
The 30-year fixed-rate mortgage increased to 3.93% for the week ending Aug. 3, 2017. This is up one basis point from last week’s 3.92% and up from last year’s 3.43%.
However, the 15-year FRM decreased to 3.18%, down from last week’s 3.2%. This is still up from last year’s 2.74%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage also decreased, hitting 3.15%. This is down from 3.18% last week but up from 2.73% last year.
“Despite a strong advance estimate for second quarter GDP, markets are erring on the side of caution,” Becketti said.