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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

mortgage rates

(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%.

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