news.cuna.org/articles/107116-mortgage-rates-slip-to-lowest-rate-in-2-months-freddie-mac

Mortgage rates slip to lowest rate in 2 months: Freddie Mac

August 7, 2015

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%.

Other resources:

Home Buyer Education—Preparing Your Finances electronic member seminar kit

10 Questions to Ask a Mortgage Lender statement stuffer