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Mortgage

Freddie Mac: Mortgage rates drop further below 4%

Marks three weeks of consecutive declines

The average 30-year fixed mortgage rate dropped again, marking the third consecutive week of declines, the most recent results from Freddie Mac’s Primary Mortgage Survey reported. 

The 30-year fixed-rate mortgage averaged 3.93% for the week ending Dec. 3, 2015, down from last week when it averaged 3.95%. Last year, it averaged 3.89%. 

Also falling, the 15-year FRM this week averaged 3.16%, down from last week when it averaged 3.18%. A year ago at this time, the 15-year FRM averaged 3.10%. 

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.99% this week, down from last week when it averaged 3.01%. In 2014, the 5-year ARM averaged 2.94 percent.

The 1-year Treasury-indexed ARM averaged 2.61% this week, up from 2.59% last week and 2.41% a year ago.

Click to enlarge

Mortgage rates

(Source: Freddie Mac)

"Treasury yields ticked down 3 basis points after weak manufacturing data. In response, the 30-year mortgage rate dropped 2 basis points to 3.93%,” said Sean Becketti, chief economist with Freddie Mac.

“After the survey closed, Yellen implied that the economy is ready for a rate hike in December. However, all eyes remain on this Friday's jobs report, the last significant release prior to the FOMC's meeting,” he added. 

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