According to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year mortgage rate in the U.S. dropped for the third consecutive week and closing in on the 2017 low.
Sean Becketti, chief economist of Freddie Mac said, "The 10-year Treasury yield was relatively unchanged this week, while the 30-year mortgage rate fell 4 basis points to 4.1 percent. 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."
Freddie Mac News Facts:
30-year fixed-rate mortgage (FRM) averaged 4.10 percent with an average 0.5 point for the week ending April 6, 2017, down from last week when it averaged 4.14 percent. A year ago at this time, the 30-year FRM averaged 3.59 percent.
15-year FRM this week averaged 3.36 percent with an average 0.5 point, down from last week when it averaged 3.39 percent. A year ago at this time, the 15-year FRM averaged 2.88 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.19 percent this week with an average 0.4 point, up from last week when it averaged 3.18 percent. A year ago, the 5-year ARM averaged 2.82 percent.
On the heels of yesterday's decision by the Federal Reserve to raise short-term interest rates by 25-basis points, yet while expected, many in the real estate industry around the world still took notice.
Last Friday's U.S. jobs report drew quick reaction from the real estate industry. The National Association of Realtors Chief Economist Lawrence Yun made the following comments on U.S. Bureau of Labor Statistics' February 2017 jobs report: