Rates for home loans wobbled but remained relatively flat as the bond markets that influence those rates searched for direction, mortgage provider Freddie Mac said Thursday.
The 30-year fixed-rate mortgage averaged 3.93% in the July 27 week, up from 3.92%. The 15-year fixed-rate mortgage averaged 3.18%, down two basis points during the week. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.15%, down from 3.18%.
Those rates don’t include fees associated with obtaining mortgage loans.
The 10-year Treasury note TMUBMUSD10Y, +1.83% which mortgage rates track, edged lower during the week despite relatively strong economic datathat usually drives bond prices down and yields up.
Some analysts point to concerns that stocks may be overvalued, while others note that inflation, which would make bonds less attractive for investors, hasn’t budged, leaving yields to languish near recent levels.
Housing market demand continues to be much stronger than supply, skewing prices and timelines.