The 30-year fixed mortgage fell this week to 3.57 percent, its lowest level in three years, according to Freddie Mac.
Overall, average mortgage rates slipped for the third consecutive week following disappointing April employment data. Rates are at their low point for the year.
“Disappointing April employment data once again kept a lid on Treasury yields, which have struggled to stay above 1.8 percent since late March,” said Sean Becketti, chief economist, Freddie Mac.
As a result of the jobs report, the 30-year mortgage rate fell 4 basis points to 3.57 percent, a new low for 2016 and the lowest mark in 3 years.
“Prospective homebuyers will continue to take advantage of a falling rate environment that has seen mortgage rates drop in 14 of the previous 19 weeks,” Becketti said.
Here is Freddie Mac’s overview for the week:
30-year fixed-rate mortgage (FRM) averaged 3.57 percent, with an average 0.5 point for the week ending May 12, 2016, down from last week when it averaged 3.61 percent. A year ago at this time, the 30-year FRM averaged 3.85 percent.
15-year FRM this week averaged 2.81 percent, with an average 0.5 point, down from last week when it averaged 2.86 percent. A year ago at this time, the 15-year FRM averaged 3.07 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.78 percent this week, with an average 0.5 point, down from last week when it averaged 2.80 percent. A year ago, the 5-year ARM averaged 2.89 percent.