With long-term Treasury yields sliding to historic lows, mortgage rates have been dropping for three weeks, according to Freddie Mac’s weekly Primary Mortgage Market Survey.
The standard 30-year fixed-rate mortgage rate dropped to an average of 3.66% this week, down from 3.73% last week. Freddie Mac notes that this is the lowest rate since May 2013.
Freddie Mac vice president and chief economist Frank Nothaft noted that “Mortgage rates fell for the third consecutive week as oil prices plummeted and long term treasury yields continued to drop despite a strong employment report.”
Here’s a chart from the Freddie Mac report showing the recent plunge in mortgage rates, along with an overall downward trend over the last year: