The cost of borrowing money to buy a home continued to decline just in time for the Spring real estate market, falling to the lowest point since November 2016, but mortgage interest rates are still more than a quarter-point higher than this time last year.
The 30-year, fixed rate mortgage loan averaged 3.97 percent, with an average 0.5 point, for the week ending April 20, 2017. The 30-year note averaged 4.08 percent the previous week and 3.59 percent during the same week last year.
"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," Freddie Mac chief economis Sean Becketti said. "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."
The 15-year, fixed rate mortgage averaged 3.23 percent, with an average 0.5 point, compared to 3.34 percent the previous week and 2.85 percent the previous year.
The 5-year, adjustable rate mortgage averaged 3.10 percent, with an average 0.4 point.