Freddie Mac: Brexit Pushed Mortgage Rates To New Lows

Mortgage rates fell further this week in the wake of the Brexit vote.

According to Freddie Mac’s Primary Mortgage Market Survey, the average rate for a 30-year, fixed-rate mortgage (FRM) was 3.41%, just 10 basis points from its all-time record low of 3.31% in November 2012.

The previous week, the average rate for a 30-year FRM was 3.48%. A year ago at this time, it was 4.04%, according to the report.

Rates for other types of mortgages also fell. The average rate for a 15-year FRM was 2.74%, down from 2.78% the previous week. A year ago at this time, the 15-year FRM averaged 3.20%.

The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 2.68%, down from 2.70%. A year ago, the five-year ARM averaged 2.93%.

“Continuing fallout from the Brexit vote drove Treasury yields lower again this week. The 30-year, fixed-rate mortgage followed Treasury yields, falling seven basis points to 3.41 percent in this week’s survey,” says Sean Becketti, chief economist for Freddie Mac, in a release. “Mortgage rates have now dropped 15 basis points over the past two weeks, leaving them only 10 basis points above the all-time low.”

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