PKB - Mortgage rates slips to 2.9% lowest in five months

30-year fixed-rate mortgage averaged 2.90% for the week ending July 8, down from 2.98% recorded in prior week and down from 3.03% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey; its lowest since Feb.18 levels."Mortgage rates decreased this week following the dip in U.S. Treasury yields. While mortgage rates tend to follow Treasury yields closely, other factors can be impactful such as the labor markets, which are continuing to improve per last week’s jobs report," chief economist Sam Khater commented.The 10-year U.S. Treasury yield dropped below 1.3% on Wednesday, and fell another 6 bps overnight to 1.26%, read more.Also Read: Are Treasury yields sniffing out a Fed mistake?: At the Open5-year FRM averages 2.20% down from last week when it averaged 2.26% and 2.51% a year ago.5-year Treasury-indexed hybrid adjustable rate mortgage averaged 2.52%, down from 2.54% in prior week, and lower from 3.02% a year ago."We expect economic growth to gradually drive interest rates higher, but homebuyers and refinance

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Mortgage rates slips to 2.9%, lowest in five months