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Economic Report: Mortgage rates slump to a 2 1/2-year low

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After several years of severe drought, many homeowners are replacing traditional lawns with drought tolerant gardens, like this one in Los Angles, California.

Rates for home loans tumbled, sending the benchmark to its lowest since late 2016.

The 30-year fixed-rate mortgage averaged 3.73% in the June 27 week, down 11 basis points, Freddie Mac said Thursday.

The 15-year fixed-rate mortgage averaged 3.16%, down from 3.25%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.39%, down nine basis points.

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