Mortgage Rates Down

Mortgage Rates Down

The 30-year fixed-rate mortgage averaged 3.99% in the May 30 week, down from 4.06%, Freddie Mac said Thursday. That marked a 16-month low for the popular product, which has eked out a weekly rise only six times so far in 2019.

The 15-year fixed-rate mortgage averaged 3.46%, down from 3.51%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.60%, down 8 basis points.

Rates have tumbled for the past few weeks, in line with the broader bond market, on concerns about a U.S.-China trade war and overall slowing global growth. When investors grow worried about future growth, fixed-income assets like bonds look more attractive, and when bond prices rise, yields fall. Fixed-rate mortgages follow the 10-year U.S. Treasury note.