Freddie Mac: Mortgage Rates Hit New Lows For The Year

Mortgage rates hit the lowest level since February during the week ended April 7, according to Freddie Mac’s Primary Mortgage Market Survey.

The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.59%, down from 3.71% the previous week. A year ago at this time, the 30-year FRM averaged 3.66%.

The average rate for a 15-year FRM was 2.88%, down from 2.98%. A year ago at this time, the 15-year FRM averaged 2.93%.

The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 2.82%, down from 2.90%. A year ago, the five-year ARM averaged 2.83%.

“Mortgage rates this week registered the delayed impact of last week’s sharp drop in Treasury yields, as the 30-year mortgage rate fell 12 basis points to 3.59 percent,” Sean Becketti, chief economist for Freddie Mac, says in a release. “This rate marks a new low for 2016 and matches last year’s low in February 2015. Low mortgage rates and a positive employment outlook should support a strong housing market in the second quarter of 2016.”

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