Mortgage rates hit 3-year low

by Ryan Smith14 Apr 2016
Mortgage rates hit their lowest levels in nearly three years this week, according to new data from Freddie Mac.

“Demand for Treasuries remained high this week, driving yields to their lowest point since February,” said Sean Becketti, Freddie Mac chief economist. “In response, the 30-year mortgage rate fell 1 basis point to 3.58 percent. This rate represents yet another low for 2016 and the lowest mark since May 2013.”

The average rate for the 15-year FRM fell to 2.86% from 2.88% last week – also the lowest level since May of 2013. The 5-year adjustable-rate mortgage, meanwhile, was up slightly, rising to 2.84% from last week’s 2.82%.

Lower rates fueled a spike in mortgage applications, according to the Mortgage Bankers Association. The MBA’s Market Composite Index rose 10% from the previous week, with the Refinance Index jumping 11% and the Purchase Index rising 8% -- its highest level since October.

“Helped by a persistently strong job market and low rates, applications for both conventional and government home purchase loans increased last week,” said MBA chief economist Mike Fratantoni. “The purchase index was at its second-highest level since May 2010.”

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