Mortgage rates reached a new low for the year during the week ended April 14, according to Freddie Mac’s Primary Mortgage Market Survey.
The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.58%, down slightly from 3.59% the previous week. A year ago at this time, the 30-year FRM averaged 3.67%.
The average rate for a 15-year FRM was 2.86%, down from 2.88%. A year ago at this time, the 15-year FRM averaged 2.94%.
The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 2.84%, up slightly from 2.82%. A year ago, the five-year ARM averaged 2.88%.
“Demand for Treasuries remained high this week, driving yields to their lowest point since February,” says Sean Becketti, chief economist for Freddie Mac, in a release. “In response, the 30-year mortgage rate fell one basis point to 3.58 percent. This rate represents yet another low for 2016 and the lowest mark since May 2013.”