NEW YORK (Reuters) - Interest rates on U.S. 30-year mortgages were little changed in the latest week, holding above their all-time low even as bond yields bounced up from their record lows, mortgage finance agency Freddie Mac FMCC.OB said on Thursday.
The average 30-year mortgage rate was 3.42 percent in the week ended July 14, compared with 3.41 percent the previous week and its record low of 3.31 percent set in November 2012, Freddie Mac said in its latest mortgage rate survey.
Mortgage rates have moved little on the week while benchmark 10-year Treasury yields US10YT=RR have risen about 20 basis points since striking a record low of 1.321 percent on July 6, according to Reuters data.
“This week, the 30-year fixed rate barely budged, rising just one basis point to 3.42 percent. This pattern suggests that mortgage rates are likely to remain low throughout the summer,” Freddie Mac chief economist Sean Becketti said in a statement.
Longer-dated Treasury yields had tumbled on intense global bond demand following Britain’s vote to leave the European Union, known as Brexit. The June 23 referendum stirred worries about economic slowdown in Britain and Europe.
Reporting by Richard Leong; Editing by Chizu Nomiyama