Mortgage rates tumbled in the past two weeks, approaching all-time lows

By Athena Cao, USA TODAY 

Mortgage rates tumbled in the past two weeks, approaching all-time lows as the U.K.’s vote to leave the European Union drove down Treasury yields.

The 30-year fixed-rate mortgage averaged 3.41% this week, down from 3.48% a week ago and 4.04% a year ago, mortgage giant Freddie Mac said Thursday.
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The 30-year rate has dropped 15 basis points in the past two weeks, leaving it only 10 basis points above the record low of 3.31% set in November of 2012.

The 15-year fixed-rate mortgage averaged 2.74% this week. It stood at 2.78% last week and 3.20% a year ago.

The five-year Treasury-indexed adjustable-rate mortgage edged down to 2.68% from 2.70% last week and 2.93% a year ago.

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Ty Laffoon

After the United Kingdom's vote to leave the EU, investors fled to the perceived safety of U.S. Treasury bonds, sinking the 30-year yield from 2.55% to 2.14% Wednesday.

Ty Laffoon