Mortgage Rates Drop For First Time in Seven Weeks

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Mortgage rates edged down this week, with the average rate for a 30-year fixed-rate mortgage falling to 3.13%, down from 3.18% last week, according to Freddie Mac’s Primary Mortgage Market Survey.

That’s down from 3.33% a year ago.

“After moving up for seven consecutive weeks, mortgage rates have dropped due to the recent, modest decline of U.S. Treasury yields,” says Sam Khater, chief economist for Freddie Mac, in a statement. “As the economy recovers, it should experience a strong rebound in the labor market. Combined, these positive signals will continue to bolster purchase demand. The drop in rates creates yet another opportunity for those who have not refinanced to take a look at the possibility.”

The average rate for a 15-year fixed-rate mortgage was 2.42%, down from 2.45% last week and down from 2.77% a year ago.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.92%, up from last week when it averaged 2.84% but down from 3.40% a year ago.

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