For the second consecutive week, average mortgage rates fell, lowering the borrowing costs of buyers.
“The 10-year Treasury yield remained relatively flat this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate fell 9 basis points to 4.14 percent, another significant week-over-week decline.”
- 30-year fixed-rate mortgages averaged 4.14 percent, with an average 0.5 point, falling from last week’s 4.23 percent average. Last year at this time, 30-year rates averaged 3.71 percent.
- 15-year fixed-rate mortgages averaged 3.39 percent, with an average 0.4 point, falling from last week’s 3.44 percent average. A year ago, 15-year rates averaged 2.98 percent.
- 5-year hybrid adjustable-rate mortgages averaged 3.18 percent, with an average 0.4 point, falling from last week’s 3.24 percent average. A year ago, 5-year ARMs averaged 2.90 percent.
Source: Freddie Mac