Fixed mortgage rates edged down slightly for a third straight week during the week ended Dec. 3, according to Freddie Mac's Primary Mortgage Market Survey.
The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.93%, down from 3.95% the previous week. A year ago at this time, the 30-year FRM averaged 3.89%.
The average rate for a 15-year FRM was 3.16%, down from 3.18%. A year ago at this time, the 15-year FRM averaged 3.10%.
The average rate for a five-year, Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.99%, down from 3.01%. A year ago, the five-year ARM averaged 2.94%.
The average rate for a one-year, Treasury-indexed ARM was 2.61%, up from 2.59%. At this time last year, the one-year ARM averaged 2.41%.
‘Treasury yields ticked down three basis points after weak manufacturing data,’ says Sean Becketti, chief economist for Freddie Mac, in a release. ‘In response, the 30-year mortgage rate dropped two basis points to 3.93 percent. After the survey closed, [Federal Reserve Chair Janet] Yellen implied that the economy is ready for a rate hike in December. However, all eyes remain on this Friday's jobs report, the last significant release prior to the Federal Open Market Committee's meeting.’