Mortgage rates are flirting with another record low — and that means the boom in refinancing has not yet finished.
The 30-year fixed-rate mortgage averaged 2.87% for the week ending Oct. 8, down one basis point from the week prior, Freddie Mac (FMCC)reported Thursday. A few weeks ago, the average rate for the 30-year loan fell to an all-time low of 2.86%.
The 15-year fixed-rate mortgage rose by a basis point to an average of 2.37%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage dropped one basis point to 2.89% on average.
Mortgage rates usually roughly follow the direction of the 10-year Treasury note’s yield (BX:TMUBMUSD10Y) which trended upward this week. That’s not what happened this week, though.
“Typically, Treasury yields and mortgage rates have a close relationship, with