WASHINGTON (8/7/15)--Mortgage rates fell back to historic lows during the week ending Aug. 4, according to numbers released Thursday by Freddie Mac.
The average 30-year fixed-rate mortgage rate slipped to its lowest level in two months to 3.91% from 3.98%, Freddie Mac said. On an annual basis, the 30-year rate is down from 4.14% (MarketWatch Aug. 6).
The 30-year rate reached its all-time low point in November 2012 when it dropped to 3.31%.
“Uncertainty about the economy helped drive down Treasury yields early in the week,” said Sean Becketti, Freddie Mac chief economist (MarketWatch). Long-term mortgage rates typically correlate to movements on the yield of the 10-year Treasury note.
The average 15-year fixed-rate mortgage rate, meanwhile, dropped to 3.13% during the week from 3.17%.
Further, the five-year Treasury-indexed hybrid adjustable-rate mortgage was unchanged at 2.95%, while the rate for one-year Treasury-indexed adjustable-rate mortgages climbed to 2.54% from 2.52%.