Freddie Mac: Mortgage rates drop four weeks straight
Dip to new 2017 lows
Mortgage rates continued to steadily decline, maintaining a recent downward trend in rates, according to Freddie Mac’s latest Primary Mortgage Market Survey.
In fact, Sean Becketti, chief economist with Freddie Mac, said, “Not only did the average 30-year fixed-rate mortgage decline for the fourth consecutive week in our survey, it also fell to a new 2017 low.”
The chart below gives an overview of how mortgage rates have moved since April 2016.
Click to enlarge
(Source: Freddie Mac)
The 30-year fixed-rate mortgage averaged 4.08% for the week ending April 13, 2017, down from last week’s average of 4.10%. A year ago at this time, the 30-year FRM averaged 3.58%.
Similarly, the 15-year FRM this week averaged 3.34%, falling from last week’s average of 3.36%. A year ago at this time, the 15-year FRM averaged 2.86%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.18% this week, declining from an average of 3.19% last week. A year ago, the 5-year ARM averaged 2.84%.