WASHINGTON–While projections continue to call for rising mortgage rates, rates have actually been declining.
Last week, average rates nationally were down for the fourth consecutive week, according to Freddie Mac.
Hitting a new low in 2017, Freddie Mac reported:
• The 30-year fixed-rate mortgage (FRM) averaged 4.08% with an average 0.5 point for the week ending April 13, 2017. That was down from one week earlier when it averaged 4.10%. At the same time in 2016 the 30-year FRM averaged 3.58%.
• The 15-year FRM this week averaged 3.34% with an average 0.5 point, down from one week earlier when it averaged 3.36%. A year ago at this time, the 15-year FRM averaged 2.86%.
• The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.18% as of April 13, with an average 0.4 point, down from last week when it averaged 3.19%. A year ago, the 5-year ARM averaged 2.84%.
"Following a weak March jobs report, the 10-year Treasury yield dropped about 5 basis points,” said Sean Becketti, chief economist, Freddie Mac, in a statement. “The 30-year mortgage rate fell 2 basis points to 4.08%. Not only did the average 30-year fixed-rate mortgage decline for the fourth consecutive week in our survey, it also fell to a new 2017 low.”