After edging up slightly the previous week, fixed mortgage rates came back down again during the week ended Sept. 22, according to Freddie Mac’s Primary Mortgage Market Survey.
The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.48%, down from 3.50% the previous week. A year ago at this time, the 30-year FRM averaged 3.86%.
The average rate for a 15-year FRM was 2.76%, down from 2.77%. A year ago at this time, the 15-year FRM averaged 3.08%.
The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 2.80%, down from 2.82%. A year ago, the five-year ARM averaged 2.91%.
“The 10-year Treasury yield declined after last week’s post-Brexit high in anticipation of the Fed’s September policy meeting,” said Sean Becketti, chief economist for Freddie Mac, in a release. “The 30-year, fixed-rate mortgage followed Treasury yields, falling two basis points and settling at 3.48 percent. Despite the decrease in rates, the refinance index plunged eight percent to its lowest level since June.”