Weekly Mortgage Rates Dip on Bond Yields
Bond yields pushed mortgage rates down slightly last week, according to Freddie Mac (FRE). Freddie Mac said the 30-year fixed-rate mortgage (FRM) was 5.08% with an average 0.7 point for the week ending September 3, down from the week prior when it averaged 5.14% and from one year ago when it was 6.35%. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.59%, with an average 0.6 point, down from 4.67% last wee,. The one-year Treasury-indexed ARM rate was 4.62% with a 0.6 point, down from 4.69% last week. A year ago, the five-year ARM averaged 5.97% and the one-year rate was 5.15%. A separate survey conducted by Bankrate.com of major banks and thrifts found a similar downward trend this week. Bankrate’s 30-year FRM was 5.41% with a 0.27 point, down 12 bps to the lowest mark since May. Last year, Bankrate put the FRM rate at 6.55%. The benchmark 15-year FRM fell 9 bps to 4.74%. The benchmark 5/1 ARM fell 1 bps to 4.94%. Write to Austin Kilgore.