Mortgage rates dropped to a year-to-date low for the third consecutive week as the 10-year Treasury yield also declined, according to Freddie Mac.
|30-Year FRM||15-Year ARM||5/1 Year ARM|
|Fees & Points||0.5||0.5||0.4|
The 30-year fixed-rate mortgage averaged 3.78% for the week ending Sept. 7, down from last week when it averaged 3.82%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.44%.
The 15-year fixed-rate mortgage averaged 3.08%, down from last week when it averaged 3.12%. A year ago at this time, the 15-year fixed-rate mortgage averaged 2.76%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.15%, up from last week when it averaged 3.14%. A year ago at this time, the five-year ARM averaged 2.81%.
"The 10-year Treasury yield fell 9 basis points this week, reaching a new 2017-low for a second consecutive week. The 30-year mortgage rate followed, dropping 4 basis points to a year-to-date low of 3.78%," Sean Becketti, Freddie Mac's chief economist, said in a press release.
Last week investors sought safer assets like bonds to place their money following the detonation of a nuclear device in North Korea, further escalating tensions in the region.
"Mortgage rates were roughly flat last week, holding near post-election lows on a series of disappointing inflation and labor market data, and on renewed geopolitical risk in Asia," Erin Lantz, Zillow's vice president of mortgages, said when that company released its own rate tracker on Tuesday.
"This week markets are likely to focus on several high-profile Fed speeches — five of the nine FOMC voters are speaking this week — leading up to the Fed’s mid-September meeting," Lantz said.