According to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed mortgage rate dropped for the fourth consecutive week and hitting its lowest level in nearly seven months.
Sean Becketti, chief economist of Freddie Mac said, "The 10-year Treasury yield fell 3 basis points this week. The 30-year mortgage rate moved in tandem with Treasury yields, falling 5 basis points to 3.89 percent. Mixed economic data and increasing uncertainty are continuing to push rates to the lowest levels in nearly seven months."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 3.89 percent with an average 0.5 point for the week ending June 8, 2017, down from last week when it averaged 3.94 percent. A year ago at this time, the 30-year FRM averaged 3.60 percent.
15-year FRM this week averaged 3.16 percent with an average 0.5 point, down from last week when it averaged 3.19 percent. A year ago at this time, the 15-year FRM averaged 2.87 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.11 percent this week with an average 0.5 point, the same as last week. A year ago at this time, the 5-year ARM averaged 2.82 percent.
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According to the National Association of Realtors, stubbornly low supply levels held down existing-home sales in April 2017 and also pushed the median number of days a home was on the market to a new low of 29 days.