Mortgage Rates Fall for the Third Straight Week in 2017

mortgage-rates According to a report by Andrea Riquier of Market Watch mortgage rates approach a 2017 low. She reports the following.

Rates for home loans notched their third weekly decline, nearing a fresh low for 2017, mortgage finance provider Freddie Mac said Thursday. The 30-year fixed-rate mortgage averaged 4.10%, down 4 basis points during the week. The 15-year fixed-rate mortgage averaged 3.36%, down from 3.39%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.19%, up one basis point.

Those rates don’t include fees associated with obtaining mortgage loans.

The 10-year Treasury yield TMUBMUSD10Y, +2.59%, which mortgage rates track, was flat during the week. Suggestions from Federal Reserve officials that more interest rate hikes are likely this year nudged bond yields higher during the week. But those moves have been offset by ongoing concerns that the Trump administration won’t be able to execute many of the promises that spurred hopes for stronger economic growth after the election.

Mortgage rates over the coming week will likely be determined by the government’s employment report on Friday, Freddie Chief Economist Sean Becketti said in a release.

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