Freddie Mac reports the average rate on the 30-year fixed-rate mortgage dropped to 4.13%, which is down from 4.28% last week. This time last year, the 30-year fixed-rate mortgage averaged 3.41%.
The average 15-year fixed-rate mortgage dropped to 3.24%, down from 3.33% last week. During this same time last year, the 15-year fixed-rate mortgage averaged 2.72%. Furthermore, the average rate on a five-year adjustable mortgage dropped to 3.00% from 3.07%.
This week, 5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3%, down from last week’s average of 3.07%. In addition, 1-year Treasury-indexed adjustable-rate mortgages averaged 2.60% this week, down from 2.63% last week.