Drops for fifth consecutive week
Mortgage rates dropped below the 4% marks, hitting the lowest point since November last year.
“The 30-year mortgage rate fell 11 basis points this week to 3.97%, dropping below the psychologically-important 4% level for the first time since November,” Freddie Mac Chief Economist Sean Becketti said.
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(Source: Freddie Mac)
The 30-year fixed-rate mortgage dropped to 3.97% for the week ending April 20, 2017. This is down from last week’s 4.08% but still up from last year’s 3.59%.
The 15-year FRM dropped to 3.23%, down from last week’s 3.34% but up from last year when it averaged 2.85%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage dropped to 3.1%. This is down from 3.18% last week but up from 2.81% last year.
“Weak economic data and growing international tensions are driving investors out of riskier sectors and into Treasury securities,” Becketti said. “This shift in investment sentiment has propelled rates lower.”