Mortgage Rates Descend to Year Low
Mortgage Rates Descend to Year Low
Mortgage rates descended to a new year low this week, with the 30-year, fixed rate averaging 3.82 percent, down from 3.86 percent the week prior, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The 15-year, fixed rate averaged 3.12 percent, down from 3.16 percent the week prior, while the 5-year, Treasury-indexed hybrid adjustable rate averaged 3.14 percent, down from 3.17 percent the week prior.
“The 10-year Treasury yield fell to a new 2017-low [this week],” says Sean Becketti, chief economist at Freddie Mac. “In response, the 30-year mortgage rate dropped four basis points to 3.82 percent, reaching a new year-to-date low for the second consecutive week. However, recent releases of positive economic data could halt the downward trend of mortgage rates.
Tom Stachler is a Michigan licensed real estate Broker and Builder working in the Ann Arbor, Saline and Dexter Real Estate markets. Please refer to the helpful Links above for more information about Buying or selling real estate, homes and condos when searching for one of the area's best real estate brokers.
