Freddie Mac: Mortgage rates see second consecutive week of major declines

Treasury yield remains flat

Mortgage rates decreased significantly for the second consecutive week as the Treasury yield remained flat.

“Despite recent mortgage rate fluctuation, new home sales far exceeded expectations in February and jumped 6.1% to an annualized rate of 592,000,” Freddie Mac Chief Economist Sean Becketti said.

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(Source: Freddie Mac)

The 30-year fixed-rate mortgage dropped to 4.14% for the week ending March 30, 2017. This is down from last week’s 4.23% but up from last year’s 3.71%.

The 15-year FRM sank to 3.39%, down from last week’s 3.44% but still up from last year’s 2.98%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage decreased to 3.18%. This is down from last week’s 3.24% and up from 2.9% last year.

“The 10-year Treasury yield remained relatively flat this week,” Becketti said. “The 30-year mortgage rate fell nine basis points to 4.14%, another significant week-over- week decline.”

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