Mortgage rates dipped down for a fourth straight week, with the average rate for a 30-year, fixed-rate mortgage (FRM) falling to 4.08%, down from 4.10% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the 30-year FRM averaged 3.58%.
For the week ended April 13, the average rate for a 15-year FRM was 3.34%, down from 3.36%. A year ago at this time, the 15-year FRM averaged 2.86%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.18%, down from 3.19%. A year ago, the five-year ARM averaged 2.84%.
“Following a weak March jobs report, the 10-year Treasury yield dropped about five basis points,” says Sean Becketti, chief economist for Freddie Mac, in a release. “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.”