Freddie Mac: Mortgage Rates Fell Slightly From Last Week

Posted by Patrick Barnard on April 07, 2017 No Comments
Categories : Residential Mortgage

Mortgage rates moved slightly lower during the week ended April 6, with the average rate for a 30-year, fixed-rate mortgage (FRM) falling to 4.10%, down from 4.14% the week prior, according to Freddie Mac’s Primary Mortgage Market Survey.

A year ago at this time, the 30-year FRM averaged 3.59%.

The average rate for a 15-year FRM was 3.36%, down from 3.39%, according to the report. A year ago at this time, the 15-year FRM averaged 2.88%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.19%, up slightly from 3.18%. A year ago, the five-year ARM averaged 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 percent,”says Sean Becketti, chief economist for Freddie Mac, in a statement. “After three straight weeks of declines, the 30-year mortgage rate is now barely above the 2017 low. 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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