Following disappointing April employment data, mortgage rates are at their lowest point of the year, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.57% for the week ending May 12,
"Disappointing April employment data once again kept a lid on Treasury yields, which have struggled to stay above 1.8% since late March. As a result, the 30-year mortgage rate fell 4 basis points to 3.57%, a new low for 2016 and the lowest mark in three years," said Sean Becketti, chief economist at Freddie Mac.
Average fixed mortgage rates fell for the third consecutive week, Freddie Mac said Thursday in its Primary Mortgage Market Survey.
The 15-year FRM averaged 2.81%, down from last week when it averaged 2.86%. A year ago at this time, the 15-year averaged 3.07%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.78%, down from last week when it averaged 2.8%, while a year ago it averaged 2.89%.
