Mortgage rates dropped for the fourth consecutive week and hit their lowest level in nearly seven months, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.89% for the week ending June 8, down from last week when it averaged 3.94%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.6%.
"The 10-year Treasury yield fell 3 basis points this week. The 30-year mortgage rate moved in tandem with Treasury yields, falling 5 basis points. Mixed economic data and increasing uncertainty are continuing to push rates to the lowest levels in nearly seven months," said Sean Becketti, chief economist at Freddie Mac.
The 15-year fixed-rate mortgage averaged 3.16%, down from last week when it averaged 3.19%. A year ago at this time, the 15-year averaged 2.87%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.11%, the same as last week. At this time last year, it averaged 2.82%.