The 30-year mortgage rate dropped below four percent and hit its lowest level since November 2016, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week ending April 20.
The 30-year fixed-rate mortgage (FRM) averaged 3.97 percent, down from last week when it averaged 4.08 percent. The 15-year FRM this week averaged 3.23 percent, down from last week when it averaged 3.34 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.10 percent this week, down from last week when it averaged 3.18 percent.
Sean Becketti, chief economist at Freddie Mac, blamed the disappointing data on “weak economic data and growing international tensions [that] are driving investors out of riskier sectors and into Treasury securities. This shift in investment sentiment has propelled rates lower.”