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The average 30-year fixed mortgage rate slumped seven basis points this week to 4.23 percent, the steepest drop in more than two months, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®).

The 15-year fixed mortgage rate made a similarly sharp decline at an average 3.44 percent; the average 5-year Treasury-indexed hybrid adjustable mortgage rate, at the same time, slipped to 3.24 percent.

The downtrend follows the Federal Reserve’s decision to hike the key interest rate. Mortgage rates hit a 2017 peak in the week leading up to the Fed’s announcement, with the 30-year at 4.30 percent.

Source: Freddie Mac

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