The average rate for a 30-year fixed rate mortgage has hit its lowest rate of 2017 so far
The average rate for a 30-year fixed rate mortgage has hit its lowest rate of 2017 so far.
Freddie Mac’s Primary Mortgage Market Survey shows a 3.86% average for a 30-year FRM with an average 0.5 point for the week ending August 24, down from 3.89% in the previous week. A year ago the average rate was 3.43%.
However, there was no change for 15-year FRMs at an average 3.16% with an average 0.5 point; and the average rate for 5-year ARMs increased to 3.17% with an average 0.5 point, from 3.16% a week prior.
"The 10-year Treasury yield fell 6 basis points this week amid concerns over lagging inflation. The 30-year mortgage rate also declined for the fourth consecutive week, dropping 3 basis points to a new year-to-date low of 3.86 percent," said Sean Becketti, Freddie Mac chief economist.
Meanwhile, Bankrate.com also recorded the lowest mortgage rate of 2017.
Its national weekly survey shows lower rates for an average 30-year FRM at 4.02% with an average 0.31 point (down from 4.05% a week earlier) and 15-year FRMs at 3.23% with an average 0.25 point (down from 3.27%). ARM rates were higher at 3.5% for a 5-year loan with an average 0.35 point, up from 3.49%.
Freddie Mac’s Primary Mortgage Market Survey shows a 3.86% average for a 30-year FRM with an average 0.5 point for the week ending August 24, down from 3.89% in the previous week. A year ago the average rate was 3.43%.
However, there was no change for 15-year FRMs at an average 3.16% with an average 0.5 point; and the average rate for 5-year ARMs increased to 3.17% with an average 0.5 point, from 3.16% a week prior.
"The 10-year Treasury yield fell 6 basis points this week amid concerns over lagging inflation. The 30-year mortgage rate also declined for the fourth consecutive week, dropping 3 basis points to a new year-to-date low of 3.86 percent," said Sean Becketti, Freddie Mac chief economist.
Meanwhile, Bankrate.com also recorded the lowest mortgage rate of 2017.
Its national weekly survey shows lower rates for an average 30-year FRM at 4.02% with an average 0.31 point (down from 4.05% a week earlier) and 15-year FRMs at 3.23% with an average 0.25 point (down from 3.27%). ARM rates were higher at 3.5% for a 5-year loan with an average 0.35 point, up from 3.49%.
