Mortgage Rates See Greatest Drop in Months

30-year rate decreases even after Fed raises rates

money chart

Mortgage rates tumbled even after the Federal Open Market Committee elected to raise rates last week, experiencing the greatest weekly drop in months.

“This marks the greatest week-over-week decline for the 30-year mortgage rate in over two months, a stark contrast from last week’s jump following the FOMC announcement,” Freddie Mac Chief Economist Sean Becketti said.

Click to Enlarge

3-23-17

(Source: Freddie Mac)

The 30-year fixed-rate mortgage dropped seven basis points to 4.23% for the week ending March 23, 2017. This is down from last week’s 4.3% but up from last year’s 3.71%.

The 15-year FRM also decreased, falling to 3.44%, down from last week’s 3.5%. However, it remained higher than last year’s 2.96%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage decreased from last week’s 3.28% to 3.24% this week. It remains up from last year’s 2.89%.

“The 10-year Treasury yield fell about 10 basis points this week. The 30-year mortgage rate moved with Treasury yields and dropped seven basis points to 4.23%,” Becketti said.

Advertisements
This entry was posted in Financing, Mortgage and tagged , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s