Mortgage rates dropped below 4% for the first time since last November, according to Freddie Mac.

The 30-year fixed-rate mortgage averaged 3.97%, down from last week when it averaged 4.08%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.59%.

This marks five weeks of rate drops since hitting its high for the year of 4.3% the week of March 16.

"Weak economic data and growing international tensions are driving investors out of riskier sectors and into Treasury securities. This shift in investment sentiment has propelled rates lower," said Sean Becketti, chief economist at Freddie Mac.

It was the week of Nov. 17 that 30-year FRMs were last below 4%, at 3.94%.

The 15-year fixed-rate mortgage averaged 3.23%, down from last week when it averaged 3.34%. A year ago at this time, the 15-year averaged 2.85%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.1%, down from last week when it averaged 3.18%. At this time last year, it averaged 2.81%.

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Glenn McCullom

Glenn McCullom

Glenn McCullom is the copy editor of National Mortgage News.