Freddie Mac’s most recent Primary Mortgage Market Survey shows average mortgage rates slightly falling for the second consecutive week.
“For the last 46 years, the 30-year mortgage rate has been almost perfectly correlated with the yield on the 10-year Treasury, but not this year,” says Sean Becketti, Freddie Mac’s chief economist. “From Dec. 29, 2016, through today, the 30-year mortgage rate fell 17 basis points to this week’s reading of 4.15 percent. In contrast, the 10-year Treasury yield began and ended the same period at 2.49 percent. While we expect mortgage rates to fall into line with Treasury yields shortly, this just may be a year full of surprises.”
Here, a snapshot of Freddie Mac’s survey findings for the week ending Feb. 16:
- The 30-year fixed-rate mortgage averaged 4.15 percent, with an average 0.5 point, down from the previous week when it averaged 4.17 percent. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.65 percent.
- The 15-year fixed-rate mortgage averaged 3.35 percent, with an average 0.5 point, down from the previous week when it averaged 3.39 percent. A year ago at this time, the 15-year fixed-rate mortgage averaged 2.95 percent.
- The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.18 percent, with an average 0.4 point, down from the previous week when it averaged 3.21 percent. A year ago, the five-year adjustable-rate mortgage averaged 2.85 percent.
