Key Rate Drops, Sets Record; 10-Year Near 52-Week Low

Freddie Mac’s closely watched weekly survey of primary market mortgage rates registered yet another record low for the popular 30-year product on Thursday morning as the long-term rate-indicative 10-year Treasury yield dropped toward its 52-week low.

The 30-year average for the week ending May 17, at 3.79%, came in four basis points lower than the previous week. The 10-year as of late morning Thursday was at 1.74%. Its 52-week low has been 1.7%.

Other rate averages in Freddie’s survey for the week were as follows: the 15-year dropped a basis point to 3.04%, the five-year Treasury-indexed hybrid rose two basis points to 2.83% and the one-year Treasury adjustable-rate mortgage jumped five basis points to 2.78%.

Points averaged 0.7 of a point for the 30-year and 15-year, 0.6 of a point for the five-year Treasury hybrid and 0.5 of a point for the one-year Treasury ARM.

Freddie’s chief economist Frank Nothaft said in his weekly rate report that renewed financial uncertainty in Europe and improving economic indicators in the United States drove yields and rates during the week.

A year ago, the 30-year averaged 4.61%, the 15-year averaged 3.8%, the five-year Treasury hybrid averaged 3.48% and the one-year Treasury ARM averaged 3.15%.

 

Article source: http://www.nationalmortgagenews.com/dailybriefing/rate-drops-ten-year-1030495-1.html

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