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Mortgage Rates Tick Down as 'Year Full of Surprises' Continues
RISMEDIA, Friday, February 17, 2017— Mortgage rates on average ticked down for the second straight week, according to Freddie Mac's Primary Mortgage Market Survey® (PMMS®), with the average 30-year fixed-rate mortgage posting 4.15 percent with a 0.5 point. The trend, says Freddie Mac Chief Economist Sean Becketti, is off-track from its usual movement.
 
"For the last 46 years, the 30-year mortgage rate has been almost perfectly correlated with the yield on the 10-year Treasury, but not this year," Becketti says. "From Dec. 29, 2016, through today, the 30-year mortgage rate fell 17 basis points to this week's reading of 4.15 percent. In contrast, the 10-year Treasury yield began and ended the same period at 2.49 percent. While we expect mortgage rates to fall into line with Treasury yields shortly, this just may be a year full of surprises."
 
The 15-year fixed-rate mortgage posted 3.35 percent with an 0.5 point, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage posted 3.18 percent with an 0.4 point, according to the survey.
 
Source: Freddie Mac

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