According to Freddie Mac's latest Primary Mortgage Market Survey, the U.S. 30-year fixed mortgage rate dropped to a year-to-date low for the third consecutive week in 2017.
Sean Becketti, chief economist of Freddie Mac says, "The 10-year Treasury yield fell 9 basis points this week, reaching a new 2017-low for a second consecutive week. The 30-year mortgage rate followed, dropping 4 basis points to a year-to-date low of 3.78 percent."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 3.78 percent with an average 0.5 point for the week ending September 7, 2017, down from last week when it averaged 3.82 percent. A year ago at this time, the 30-year FRM averaged 3.44 percent.
15-year FRM this week averaged 3.08 percent with an average 0.5 point, down from last week when it averaged 3.12 percent. A year ago at this time, the 15-year FRM averaged 2.76 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.15 percent this week with an average 0.4 point, up from last week when it averaged 3.14 percent. A year ago at this time, the 5-year ARM averaged 2.81 percent.
According to the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey for the week ending September 1, 2017, U.S. mortgage applications increased 3.3 percent from one week earlier.
According to Zillow, nearly one in 20 residential ZIP codes in the U.S. meets the definition of a $1 Million Neighborhood, meaning at least 10 percent of the homes there are worth seven figures or more.
According to Freddie Mac's latest Primary Mortgage Market Survey for early August 2017, the 30-year fixed mortgage rate dropped to its lowest point in six weeks. After holding relatively flat last week, the 10-year Treasury yield fell 4 basis points this week.
The average U.S. mortgage rate did not deviating from the previous week. The 10-year Treasury yield was relatively flat this week, as was the 30-year mortgage rate which rose 1 basis point to 3.93 percent.
According to the National Association of Realtors, after declining for three straight months, U.S. pending home sales reversed course in June 2017 as all major regions, except for the Midwest, saw an increase in contract activity.