The 30-year fixed-rate mortgage averaged 4.08% for the week ending April 4, up two basis points from 4.06% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.
Compares with 4.40% at this time a year ago.
"The benefits of the decline in mortgage rates that we’ve seen this year will continue to unfold over the next few months due to the lag from changes in mortgage rates to market sentiment and ultimately home sales," says Freddie Mac Chief Economist Sam Khater.
The 15-year FRM averaged 3.56% vs. 3.57% in the prior week and 3.87% a year ago.
5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.66% vs. 3.75% in the prior week and 3.62% a year ago.
iShares Dow Jones U.S. Home Construction ETF (NYSE:ITB) rises 0.8%.
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