Getty ImagesRates for home loans fell, breaking stride with the benchmark Treasury yield that they normally track, mortgage finance giant Freddie Mac said Thursday.
The 30-year fixed-rate mortgage averaged 4.10%, down 6 basis points during the week. The 15-year fixed-rate mortgage averaged 3.32%, down from 3.37%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.14%, down 2 basis points during the week.
Those rates don’t include fees associated with obtaining mortgage loans.
Mortgage rates have diverged from the yield on the 10-year note TMUBMUSD10Y, +1.07% since the start of the year. As Freddie noted in a release, the 10-year has covered a 22 basis point range since January 1, while the 30-year mortgage has moved in an 11-point range.
What’s more, rates for home loans continue to defy expectations for steep gains. Many housing analysts had predicted rates would rise to about 4.50% or higher this year. So far in 2017, they’ve notched only two weekly gains.
That’s helped keep refinancing activity relatively steady: refinances made up just over 45% of all mortgage applications in the most recent week, the Mortgage Bankers Association said Wednesday.
Mortgage rates tumble, breaking with bond market action - MarketWatch
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