In its weekly Primary Mortgage Market Survey, home lending giant Freddie Mac reported that mortgage rates for fixed-rate loans have fallen for the first time in seven weeks.
The interest rate on a 30-year fixed-rate mortgage slipped from a prior week average of 3.98% to 3.93%, still well above the rate of 3.66% in the same week a year ago.
One year ago the 15-year fixed-rate stood at 2.95%. That rate also dropped this week, from 3.1% last week to 3.04%.
The interest rate on a five-year Treasury adjustable-rate mortgage loan remained flat with the prior week at 2.79%, and it is slightly above the rate of 2.77% in the same week a year ago. The one-year Treasury-indexed adjustable-rate mortgage loan interest rate fell from 2.58% to 2.57%, and it is up from 2.74% one year ago.
According to yesterday’s data from the Mortgage Bankers Association, new loan applications slipped 3.3% last week, as refinancings remained below 70% of all applications. Lower mortgage loan rates could lead to another uptick in refinancings, if this is the start of a trend toward lower rates.