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Mortgage Rates Descend to Lowest Level of the Year

The average 30-year fixed mortgage rate descended this week to its lowest level so far in 2017, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The 30-year fixed rate mortgage came in at 4.08 percent, down from 4.10 percent the previous week.

“Following a weak March jobs report, the 10-year Treasury yield dropped about five basis points,” says Sean Becketti, chief economist at Freddie Mac. “The 30-year mortgage rate fell two basis points to 4.08 percent. Not only did the average 30-year fixed-rate mortgage decline for the fourth consecutive week in our survey, it also fell to a new 2017 low.”

The 15-year fixed mortgage rate followed suit, falling two basis points, as well, to 3.34 percent. The 5-year Treasury-indexed hybrid adjustable mortgage rate fell one basis point to 3.18 percent.

Source: Freddie Mac

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