The average rate for a 30-year fixed rate mortgage in Freddie Mac’s weekly survey dropped three basis points to 3.54% during the week ending April 4.
“The average 30-year fixed-rate mortgage has seesawed around 3.5% for the past two months,” Freddie Mac noted in its weekly rate report.
At deadline Thursday morning rate indicators continued to trend downward. The long-term rate-indicative 10-year Treasury yield had dropped below 1.8% for the first time since around the turn of the year and the latest unemployment numbers were higher than expected, according to Yahoo Finance.
The average rate for a 15-year FRM and a five-year Treasury-indexed hybrid loan also got a little lower in Freddie’s latest survey, with the former falling two basis points from the previous week to 2.74% and the latter falling three basis points to 2.65%.
However, the average rate for a one-year Treasury-indexed adjustable-rate mortgage rose a little during the week, climbing by a basis point to 2.63%.
Average points were 0.8 of a point for 30-year FRMs, 0.7 of a point for 15-year FRMs, 0.5 of a point for five-year Treasury hybrids and 0.4 of a point for one-year Treasury ARMs.
Weekly averages a year ago were respectively 44 basis points higher for 30-year FRMs, 47 basis points higher for 15-year FRMs, 21 basis points higher for five-year Treasury hybrids, and 15 basis points higher for one-year Treasury ARMs.