The 30-year fixed-rate mortgage has fallen to its lowest average since November 2016, Freddie Mac reports in its weekly mortgage market survey.
“The 30-year mortgage rate fell 11 basis points this week to 3.97 percent, dropping below the psychologically-important 4 percent level for the first time since November,” says Sean Becketti, Freddie Mac’s chief economist. “Weak economic data and growing international tensions are driving investors out of riskier sectors and into Treasury securities. This shift in investment sentiment has propelled rates lower.”
Read more: Why Mortgage Rates Are Dropping
Freddie Mac reports the following national averages with mortgage rates for the week ending April 20:
- 30-year fixed-rate mortgages: averaged 3.97 percent, with an average 0.5 point, falling from last week’s 4.08 percent average. Last year at this time, 30-year rates averaged 3.59 percent.
- 15-year fixed-rate mortgages: averaged 3.23 percent, with an average 0.5 point, falling from last week’s 3.34 percent average. A year ago, 15-year rates averaged 2.85 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.10 percent, with an average 0.4 point, falling from last week’s 3.18 percent average. A year ago, 5-year ARMs averaged 2.81 percent.
Source: Freddie Mac