St Casimirs Mortgage Minute

Mortgage Rates Plummet to Lows Not Seen in More Than a Year

Freddie Mac reported that the 30-year fixed-rate mortgage dropped to 3.59 percent during the week ending April 7 from 3.71 percent the previous week and 3.66 percent a year ago. The 30-year fixed rate has fallen 42 basis points since the start of the year and now sits at its lowest level since February 2015. Meanwhile, the 15-year fixed-rate mortgage slipped to 2.88 percent from 2.98 percent the previous week and 2.93 percent a year ago, marking the lowest level since May 2013. The five-year adjustable-rate mortgage declined to 2.82 percent from 2.9 percent the previous week and 2.83 percent a year ago. "Mortgage rates this week registered the delayed impact of last week's sharp drop in Treasury yields," said Freddie Mac chief economist Sean Becketti. "Low mortgage rates and a positive employment outlook should support a strong housing market in the second quarter of 2016."

From "Mortgage Rates Plummet to Lows Not Seen in More Than a Year"
Washington Post (04/07/16) Orton, Kathy