The average 30-year fixed-rate mortgage declined slightly to 2.86% for the week ending in August 19, according to mortgage rates data released Thursday by Freddie Mac‘s PMMS.

The week prior, mortgage rates rose to 2.87%, after six consecutive weeks of mortgage rate declines. This week’s slight decline tracks closely with downward-trending U.S. Treasury yields.  The 10-year Treasury was slightly lower this week, after a rebound the week prior. The 10-year Treasury yield for August 18 was 1.27.

According to Sam Khater, chief economist at Freddie Mac, as with other parts of the economy, low housing inventory and price details ⇒

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