The mortgage market saw little change in interest rates this week as Federal Reserve Chair Janet Yellen gave more signals that the low-rate environment is unlikely to go anywhere for the time being.
Freddie Mac released Thursday the results of its latest Primary Mortgage Market Survey, showing the average 30-year fixed-rate mortgage (FRM) coming in at an interest rate of 4.13 percent (0.6 point) for the week ending July 17.
The 30-year FRM averaged 4.15 percent last week and 4.37 percent a year ago.
The 15-year fixed average was recorded at 3.23 percent (0.5 point), just down from 3.24 percent previously.
Freddie Mac also recorded drops in average adjustable rates. According to the survey, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent (0.4 point) for the week, down from 2.99 percent.
The 1-year ARM averaged 2.39 percent (0.4 point) from 2.40 percent previously.
Bankrate.com's survey was similarly flat, with both the 30- and 15-year fixed averages falling 1 basis point each—to 4.30 percent and 3.40 percent, respectively—and the 5/1 ARM remaining unchanged at 3.33 percent.
“Like many Americans, mortgage rates seem to be taking a midsummer vacation,” Bankrate said in its weekly release. “Economic news has been mixed, and Federal Reserve Chair Janet Yallen's recent Senate testimony indicated that the central bank will not announce a rate hike anytime soon.”
Bankrate continued, “That's good news for borrowers who have not refinance yet or need more time to find a house. But don't expect mortgage rates to rest forever.”