Mortgage rates experience ‘summer swoon’ as Fed maintains status quo

Benchmark mortgage rates continued their downward trajectory over the past week, following Federal Reserve Chair Jerome Powell’s indications to lawmakers that the central bank wasn’t changing up its strategy anytime soon.

The 30-year fixed-rate mortgage averaged 2.88% for the week ending July 15, down two basis points from the previous week, Freddie Mac FMCC, 0.00% reported Thursday. Since peaking at 3.18% in April, the rate on the 30-year mortgage has now fallen 30 basis points, or nearly one-third of 1%.

The 15-year fixed-rate mortgage increased two basis points to an average of 2.22%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage fell by five basis points to an average of 2.47%.