Freddie Mac released the results of its Primary Mortgage Market Survey, showing the 30-year mortgage rate dropping for the third consecutive week and closing in on the 2017 low.
30-year fixed-rate mortgage averaged 4.10 percent with an average 0.5 point for the week ending April 6, 2017, down from last week when it averaged 4.14 percent. A year ago at this time, the 30-year FRM averaged 3.59 percent.
15-year FRM this week averaged 3.36 percent with an average 0.5 point, down from last week when it averaged 3.39 percent. A year ago at this time, the 15-year FRM averaged 2.88 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.19 percent this week with an average 0.4 point, up from last week when it averaged 3.18 percent. A year ago, the 5-year ARM averaged 2.82 percent.
“The 10-year Treasury yield was relatively unchanged this week, while the 30-year mortgage rate fell 4 basis points to 4.1 percent. After three straight weeks of declines, the 30-year mortgage rate is now barely above the 2017 low. Next week’s survey rate may be determined by Friday’s employment report and whether or not it can sustain the strength from earlier this year.” said Sean Becketti, chief economist, Freddie Mac.