Mortgage rates dropped after a week of mixed economic reports and rising uncertainty in the administration’s fiscal policies.
“Mixed economic releases such as Friday’s jobs report and uncertainty about the administration’s fiscal policies have contributed to the holding pattern in rates,” Freddie Mac Chief Economist Sean Becketti said.
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(Source: Freddie Mac)
The 30-year fixed rate mortgage dropped to 4.17% for the week ending February 9, 2017. This is down from last week’s 4.19% but still up from last year’s 3.65%.
The 15-year FRM followed suit, dropping to 3.39%, down from 3.41% last week but still up from last year’s 2.95%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage dropped from 3.23% last week to 3.21%. This is still up from last year’s 2.83%.
“The 30-year fixed mortgage fell two basis points to 4.17% this week,” Becketti said. “Rates are at about the same level at which they started the year and have stayed within a two basis point range over the past three weeks.”
