Mortgage rates decreased for the fourth consecutive week and the 30-year mortgage hit a new low for 2017, according to Freddie Mac’s Primary Mortgage Market Survey.
“The 30-year mortgage rate also declined for the fourth consecutive week, dropping three basis points to a new year-to- date low of 3.86%,” Freddie Mac Chief Economist Sean Becketti said.
Click to Enlarge
(Source: Freddie Mac)
The 30-year fixed-rate mortgage dropped to 3.86% for the week ending August 24, 2017. This is down from last week’s 3.89% but up from 3.43% last year.
The 15-year FRM held steady at 3.16%, an increase from last year’s 2.74%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage increased slightly, hitting 3.17%. This is up from 3.16% last week but down from 2.75% last year.
“The 10-year Treasury yield fell six basis points this week amid concerns over lagging inflation,” Becketti said.