Mortgage Rates Fall Again
WASHINGTON – Mortgage rates fell for the third consecutive week, with the average rate on 30-year fixed-rate mortgages declining along with bond yields, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 4.71%, down slightly from the prior week’s 4.78% average and down from 5% a year ago. Rates on 15-year, fixed-rate mortgages were 3.89%, down from 3.97% in the previous week and down from 4.36% a year earlier.
“Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week,” said Freddie Chief Economist Frank Nothaft.
ARM rates also moved lower, with the average for the five-year ARM slipping to 3.47%, from 3.51% last week; and the average for the one-year ARM dipping to 3.14%.