10-year treasury bond yield dropped below 2% this week - The 10-year treasury bond closed the week yielding 1.50% down slightly from 1.52% last week. The 30-year treasury bond yield ended the week at 1.96%, down from 2.02% last week. We watch treasury bond yields because mortgage rates often follow bond yields.
Mortgage rates near record lows - The August 29, 2019 Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate average was 3.58%, almost unchanged from 3.55% last week. The 15-year fixed was 3.06% almost unchanged from 3.03% last week. The 5-year ARM was 3.31% unchanged from 3.32% last week.