HOMZ - Mortgage rates inch further down in suit of Treasury yields drop

30-year fixed-rate mortgage averaged 2.78% for the week ending July 22, down from 2.88% recorded in prior week and down from 3.01% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey."While the economy continues to mend, Treasury yields have decreased, and mortgage rates have followed suit. Unfortunately, many homebuyers are unable to take advantage of low rates due to low inventory and high prices," chief economist Sam Khater commented.15-year FRM averages 2.12% down from last week when it averaged 2.22%; a year-ago at this time it averaged 2.54%.5-year Treasury-indexed hybrid adjustable rate mortgage averaged 2.49%, up from 2.47% in prior week, and lower from 3.09% a year ago.Housingwire cites that since March 2020, the Fed’s asset purchases have been split between $80B of U.S. Treasury bonds and $40B of mortgage backed securities each month, keeping the cost of long-term borrowing low, in turn depressing mortgage rates.Meanwhile, for the week ended July 16, mortgage applications dropped

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Mortgage rates inch further down in suit of Treasury yields drop