Mortgage rates dropped for the third consecutive week to just above 2017’s low, and Friday’s jobs report could either push them to the lowest point or reverse the three-week trend.
“After three straight weeks of declines, the 30-year mortgage rate is now barely above the 2017 low,” Freddie Mac Chief Economist Sean Becketti said. “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.”
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(Source: Freddie Mac)
The 30-year fixed-rate mortgage dropped to 4.1% for the week ending April 6, 2017. This is down from last week’s 4.14% but still up from last year’s 3.59%.
Similarly, the 15-year FRM also dropped to 3.36%, down from last week’s 3.39% but still up from last year’s 2.88%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage increased slightly to 3.19%. This is up from last week’s 3.18% and from last year’s 2.82%.
“The 10-year Treasury yield was relatively unchanged this week, while the 30-year mortgage rate fell four basis points to 4.1%,” Becketti said.