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.
According to Freddie Mac's latest Primary Mortgage Market Survey for the first week of January 2018, the average mortgage rate dipped in the U.S. Treasury yields fell from a week ago, helping to drive mortgage rates down to start the year.