MortgageMortgage Rates

Freddie Mac: Interest rates drop for second consecutive week

Could fall again next week in reaction to FOMC announcement

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.

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7-27-17

(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.

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