Mortgage rates continue to sink

30-year fixed-rate mortgage averages 3.03% for the week ending July 9, down from 3.07% in the prior week and 3.75% at this time a year ago, according to the Freddie Mac Primary Mortgage Market Survey.

“The summer is heating up as record low mortgage rates continue to spur homebuyer demand,” said Freddie Chief Economist Sam Khater. “However, it remains to be seen whether the demand will continue if COVID cases rise to the point that it hinders economic growth.”

15-year FRM averages 2.51% vs. 2.56% a week earlier and 3.22% a year ago.

5-year Treasury-indexed hybrid adjustable rate mortgage averages 3.02% vs. 3.00% in the previous week and 3.46% a year ago.

The record low mortgage rates aren't helping homebuilder stocks this morning. iShares U.S. Home Construction ETF (BATS:ITB) falls 1.6% after a 3.6% jump on Wednesday.