The 30-year fixed-rate mortgage rate slipped to 3.72% during the week--its lowest mark since April--from 3.79%. The rate sits just above levels seen last year at this time.
“Market volatility--and the associated flight to quality--continued unabated this week,” said Sean Becketti, Freddie Mac chief economist. “The yield on the 10-year Treasury dropped another 15 basis points, and the 30-year mortgage rate fell 7 basis points as well.”
The 15-year fixed-rate mortgage rate averaged 3.01% for the week, down from 3.07%. It now sits slightly higher than the rate seen a year ago at this time when it averaged 2.92%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage rate averaged 2.85% for the week, down from 2.9% last week. The rate is also just above last year’s level at this time of 2.82%.
“These declines are not what the market anticipated when the Fed raised the federal funds rate in December,” Becketti said. “For now though, sub-4% mortgage rates are providing a longer-than-expected opportunity for mortgage borrowers to refinance.”