Mortgage rates broke their month-long holding pattern as they decreased this week, according to Freddie Mac’s Primary Mortgage Market Survey.
“Since the beginning of the year, the 10-year Treasury yield has covered a 22 basis-point range,” Freddie Mac Chief Economist Sean Becketti said. “The range of movement for the 30-year has been half that, just 11 basis points.”
The 30-year fixed rate mortgage decreased to 4.1% for the week ending March 2, 2017. This is down from last week’s 4.16% but still up from last year’s 3.64%.
The 15-year FRM also dropped to 3.32%, down from last week’s 3.37% but still up from last year’s 2.94%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage decreased slightly to 3.14%, down from 3.16% last week. This is up from 2.84% last year.
“The 10-year Treasury yield remained relatively flat this week, while the 30-year mortgage rate fell six basis points to 4.1%,” Becketti said.