WASHINGTON–The national average rate on the 30-year fixed mortgage has hit a year-to-date low for the third consecutive week, according to data released by Freddie Mac.
Freddie Mac reported:
- The 30-year fixed-rate mortgage (FRM) averaged 3.78% with an average 0.5 point for the week ending Sept. 7, 2017, down from one week earlier when it averaged 3.82%. A year ago at this time, the 30-year FRM averaged 3.44%.
- The 15-year FRM this week averaged 3.08% with an average 0.5 point, down from one week earlier when it averaged 3.12%. A year ago at this time, the 15-year FRM averaged 2.76%.
- The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.15% this week with an average 0.4 point, up from one week earlier when it averaged 3.14%. A year ago at this time, the 5-year ARM averaged 2.81%.
"The 10-year Treasury yield fell nine basis points this week, reaching a new 2017-low for a second consecutive week," said Sean Becketti, chief economist with Freddie Mac in a statement. "The 30-year mortgage rate followed, dropping four basis points to a year-to-date low of 3.78%."
Meanwhile, the yield on the benchmark 10-year Treasury fell to 2.09% last week, the lowest reading in 10 months. Some analysts have forecast the yield could fall further.