updated - August 11, 2020 Tuesday EDT
Freddie Mac said in a press release that their Primary Mortgage Market Survey show mortgage rates have decreased for the third straight week due to disappointing manufacturing data.
Mortgage applications have also decreased slightly from one week earlier data shows.
The 30-year fixed-rate mortgage (FRM) averaged 3.93 percent on the week that ended on Dec. 3, 2015, down from the previous week's 3.95 percent average, according to the press release.
The 15-year FRM averaged 3.16 percent, down from the previous week's 3.18 percent average.
Freddie Mac adds in the press release that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent this week, down from the previous week's average of 3.01 percent.
The 1-year Treasury-indexed ARM averaged 2.61 percent this week, up from the previous week's average of 2.59 percent.
Sean Becketti, the chief economist at Freddie Mac, said in the press release that the Treasury yields have decreased by three basis points following weak manufacturing data.
"In response, the 30-year mortgage rate dropped 2 basis points to 3.93 percent," he said. "After the survey closed, Yellen implied that the economy is ready for a rate hike in December."
He adds in the press release, though, that all eyes will be focused on Friday's jobs report, as this will be "the last significant release prior to the FOMC's meeting."
Data from the Mortgage Bankers Association (MBA) show that mortgage applications have slightly decreased.
The market composite index, a measure that shows the total loan application volume, has slipped 0.2 percent, compared to the previous week's data.
The MBA adds that the refinance index also dropped by six percent, compared to the previous week's data while the seasonally adjusted purchase index has risen by eight percent from one week earlier.
The MBA adds, though, that unadjusted purchase index has decreased 28 percent, compared with the previous week.
It was also 30 percent higher than the same week a year ago.
TOP 10 FRANCHISES OF 2020