“Following a weak March jobs report, the 10-year Treasury yield dropped about 5 basis points,” said the government-sponsored enterprise.
The 15-year fixed-rate mortgage dropped to 3.34 % with an average 0.5 point, compared with 3.36% the previous week. It was 2.86% at that time a year ago.
The 5-year Treasury-indexed hybrid ARM dipped to 3.18% with an average 0.4 point, from last week’s 3.19%. A year ago, it averaged 2.84%.
“Currently, about 125 lenders are surveyed each week and the mix of lender types – thrifts, credit unions, commercial banks and mortgage lending companies – is roughly proportional to the level of mortgage business that each type commands nationwide,” said Freddie Mac.
Morning Briefing: Foreclosure activity below pre-recession level nationwide
Mortgage rates drop for second consecutive week
The 30-year fixed-rate mortgage (FRM) rate dropped to a new 2017 low during the week ending April 13 as it lost 2 basis points to reach 4.08%, according to a survey Freddie Mac. This marked a fourth consecutive week of decline. A year ago, it averaged 3.58%.