Mortgage rates were mostly flat again this week, according to the latest data released Thursday by Freddie Mac.
The 30-year fixed-rate average returned to its yearly low, dropping to 4.12 percent, with an average 0.6 point. It was 4.13 percent a week ago and 4.39 percent a year ago. The 30-year fixed-rate has sunk to 4.12 percent three times this year, most recently on July 3.
The 15-year fixed-rate average slid to 3.23 percent with an average 0.7 point. It was 3.26 percent a week ago and 3.43 percent a year ago.
Hybrid adjustable-rate mortgages were mixed. The five-year ARM average rose to 3.01 percent, with an average 0.5 point, rising above 3 percent for the first time in five weeks. It was 2.99 percent a week ago and 3.18 percent a year ago.
The one-year ARM average fell to 2.38 percent, with an average 0.4 point. It was 2.39 percent a week ago.
Frank E. Nothaft, Freddie Mac vice president and chief economist, noted that mortgage rates showed little change prior to a better-than-expected second quarter gross domestic product reading. Because rates tend to rise on strong data, this latest run of low rates could be winding down.
“On Wednesday afternoon the yield on the 10-year Treasury surged as data showed gross domestic product for the second quarter at a 4.0 percent annualized rate, above expectations,” Nothaft said in a statement.
Meanwhile, mortgage applications declined last week, according to the latest data from the Mortgage Bankers Association.
The market composite index, a measure of total loan application volume, dropped 2.2 percent. The refinance index sank 4 percent, while the purchase index increased 0.2 percent.
The refinance share of mortgage activity accounted for 53 percent of all applications.