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U.S. mortgages rate moved lower after two weeks of increases, according to Freddie Mac.

The 30-year fixed mortgage averaged 3.96 percent for the week ending July 20, down from 4.03 percent the previous week.

The 30-year fixed mortgage averaged 3.96 percent for the week ending July 20, down from 4.03 percent the previous week.
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The 30-year fixed mortgage averaged 3.96 percent for the week ending July 20, down from… more

A year ago, mortgage rates stood at 3.45 percent.

Historically low mortgage rates have propelled U.S. home sales and the refinance market.

“Continued economic uncertainty and weak inflation data pushed rates lower this week,” said Sean Becketti, chief economist at Freddie Mac. “The 10-year Treasury yield fell 5 basis points this week. The 30-year mortgage rate moved with Treasury yields, dropping 7 basis points to 3.96 percent.”

Favorable mortgage rates have also aided Miami Valley home sales. After breaking records in 2016, Dayton-area home sales remain vibrant this year. Most recently, area home sales jumped 4 percent in May, according to the Dayton Area Board of Realtors.

The historic low for 30-year rates was 3.31 percent in November 2012.