Mortgage rates on 30-year loans fell for the third consecutive week, easing fears that refinancings could slow dramatically.
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According to Freddie Mac's weekly rate survey, for the week ending April 12 lenders on average were offering 30-year conventional FRMs at 3.88% with 0.7 points. A week earlier rates were 10 basis points higher. And a year ago FRMs were being sold at 4.91%.
Rates on 15-year loans fell slightly to 3.11% from 3.21% the week prior. One-year Treasury ARMs rose a tick to 2.80%, the GSE reported.
Refis have dominated the market since 2008 accounting for 66% of all loans funded, according to figures compiled by National Mortgage News and the Quarterly Data Report.
