Weak jobs report helps drive mortgage rates to 2017 low

Mortgage rates have been on a steady decline since the March 15 Federal Open Market Committee meeting, hitting a new low for 2017, according to Freddie Mac.

The 30-year fixed-rate mortgage averaged 4.08%, down from last week when it averaged 4.1%, the fourth consecutive week where rates declined. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.58%.

"Following a weak March jobs report, the 10-year Treasury yield dropped about 5 basis points. The 30-year mortgage rate fell 2 basis points," said Sean Becketti, chief economist, Freddie Mac.

The 15-year fixed-rate mortgage averaged 3.34%, down from last week when it averaged 3.36%. A year ago at this time, the 15-year averaged 2.86%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.18%, down from last week when it averaged 3.19%. At this time last year it averaged 2.84%.