Mortgage Rates Crash to Three-Year Low

This has not been the most vibrant year for mortgage rates, and the latest Primary Mortgage Market Survey (PMMS) from Freddie Mac finds rates plummeting to their lowest 2016 level and the lowest mark since May 2013.

The 30-year fixed-rate mortgage (FRM) averaged 3.58 percent for the week ending April 14, down from last week’s 3.59 percent and last year’s 3.67 percent. The 15-year FRM averaged 2.86 percent, down from last week’s 2.88 percent and last year’s 2.94 percent.

However, the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent this week, a slight uptick from last week’s 2.82 percent. A year ago, the product averaged 2.88 percent.

“Demand for Treasuries remained high this week, driving yields to their lowest point since February,” said Sean Becketti, chief economist at Freddie Mac. “In response, the 30-year mortgage rate fell one basis point to 3.58 percent.”