The 10-year Treasury yield fell 3 basis points last week. The 30-year mortgage rate moved in tandem with Treasury yields, falling 5 basis points to 3.89 percent. Mixed economic data and increasing uncertainty are continuing to push rates to the lowest levels in nearly seven months. Mortgage rates keep trending down, with the average 30-year fixed mortgage rate dipping toward the lowest it has been this year, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®).
The 30-year fixed mortgage rate averaged 3.89 percent for the week ending June 8, 2017, while the 15-year fixed mortgage rate averaged 3.16 percent. The 5-year Treasury-indexed hybrid adjustable mortgage rate averaged 3.11 percent.
“The 10-year Treasury yield was relatively unchanged this week, while the 30-year mortgage rate fell five basis points to 3.89 percent,” said Sean Becketti, chief economist at Freddie Mac, in a statement on the survey. “Mixed economic data and increasing uncertainty are continuing to push rates to the lowest levels in nearly seven months.”
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