Mortgage rates dipped for a second consecutive week, as the average rate for a 30-year fixed rate mortgage (FRM) fell to 4.40%, down from 4.44% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the 30-year FRM averaged 4.1%.
For the week ended April 5, the average rate for a 15-year FRM was 3.87%, down from 3.9%. A year ago at this time, the 15-year FRM averaged 3.36%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.62%, down from 3.66%. A year ago at this time, the five-year ARM averaged 3.19%.
“After dropping earlier this week on trade-related anxiety in financial markets, the benchmark 10-year Treasury stabilized on Wednesday, but at a level slightly lower than from the start of last week,” says Len Kiefer, deputy chief economist for Freddie Mac, in a statement. “Mortgage rates followed and fell for the second consecutive week; the U.S. weekly average 30-year fixed mortgage was 4.4 percent in our survey this week.
“Though rates on the 30-year fixed mortgage are up 0.3 percentage points from the same week a year ago, a robust labor marking is helping home purchase demand weather modestly higher rates,” Kiefer adds. “The Mortgage Bankers Association reported in their latest Weekly Mortgage Applications Survey that the purchase Index was up five percent from a year ago, indicating that this spring is on track for a modest expansion in purchase mortgage activity.”