Mortgage Rates Surprise By Nearing 2017 Low

The 30-year fixed rate mortgage dropped lower for the third consecutive week and neared its low for 2017, Freddie Mac reports in its weekly mortgage market survey.

“The 10-year Treasury yield was relatively unchanged this week, while the 30-year mortgage rate fell 4 basis points to 4.1 percent,” says Sean Becketti, Freddie Mac’s chief economist. “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 reported the following national averages with mortgage rates for the week ending April 6:

• 30-year fixed-rate mortgages: averaged 4.10 percent, with an average 0.5 point, falling from last week’s 4.14 percent average. Last year at this time, 30-year rates averaged 3.59 percent.
• 15-year fixed-rate mortgages: averaged 3.36 percent, with an average 0.5 point, dropping from last week’s 3.39 percent average. A year ago, 15-year rates averaged 2.88 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.19 percent, with an average 0.4 point, rising from last week’s 3.18 percent average. A year ago, 5-year ARMs averaged 2.82 percent.

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