Mortgage Rates Set a New 2017 Low This Week

The 30-year fixed-rate mortgage continues to drop this week, setting a new low for 2017, Freddie Mac reports in its weekly mortgage market survey. For the fourth consecutive week rates have fallen.

Freddie Mac reports the following national averages for the week ending April 13, 2017:

  • 30-year fixed-rate mortgages averaged 4.08 percent, with an average 0.5 point, falling from last week’s 4.10 percent average. A year ago, 30-year rates averaged 3.58 percent.
  • 15-year fixed-rate mortgages averaged 3.34 percent, with an average 0.5 point, falling slightly from last week’s 3.36 percent average. Last year at this time, 15-year rates averaged 2.86 percent.
  • 5-year hybrid adjustable-rate mortgages averaged 3.18 percent, with an average 0.4 point, falling from last week’s 3.19 percent average. A year ago, 5-year ARMs averaged 2.84 percent.

Source: Freddie Mac

Home Loan Inrerest Rates Retreat for 4th Week

“The yield on the 10-year Treasury stabilized around 2 percent this week, and the 30-year mortgage rate dipped 2 basis points to 3.79 percent,” says Sean Becketti, Freddie Mac’s chief economist. “The recent market turmoil has given the Fed pause. As was universally expected, the Fed stood pat this week but kept its options open for a rate increase in March. … A hesitant Fed, sub-4-percent mortgage rates, at least for a little while longer, and strong housing fundamentals should generate a three percent increase in home sales this year.”

Freddie Mac reports the following mortgage rates for the week ending Jan. 28:

Source: Freddie Mac

Gov’t Shutdown Pushes ‘Mortgage Rates Down’

As a result of the federal government shutdown and declining consumer confidence, fixed mortgage rates fell for the third consecutive week, Freddie Mac reports, ending at their lowest averages in nearly four months.

Retreating interest rates are generally good news for home buyers, however, the University of Michigan reports that consumer sentiment is at its lowest since April.

Freddie Mac reports the following national averages for the week ending Oct. 3:

  • 30-year fixed-rate mortgages: averaged 4.22 percent, with an average 0.7 point, dropping from last week’s 4.32 percent average. Last year at this time, 30-year rates averaged 3.36 percent.
  • 15-year fixed-rate mortgages: averaged 3.29 percent, with an average 0.7 point, dropping from last week’s 3.37 percent average. Last year at this time, 15-year rates averaged 2.69 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.03 percent, with an average 0.6 point, dropping from last week’s 3.07 percent average. Last year at this time, 5-year ARMs averaged 2.72 percent.

Source: NARFreddie Mac