Freddie Mac’s Primary Mortgage Market Survey shows the average rates on fixed mortgages in the United States went down to the lowest level in four months.
Freddie Mac reports the average rate on the 30-year fixed-rate mortgage dropped to 4.13%, which is down from 4.28% last week. This time last year, the 30-year fixed-rate mortgage averaged 3.41%.
The average 15-year fixed-rate mortgage dropped to 3.24%, down from 3.33% last week. During this same time last year, the 15-year fixed-rate mortgage averaged 2.72%. Furthermore, the average rate on a five-year adjustable mortgage dropped to 3.00% from 3.07%.
This week, 5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3%, down from last week’s average of 3.07%. In addition, 1-year Treasury-indexed adjustable-rate mortgages averaged 2.60% this week, down from 2.63% last week.