# Good news U.S Mortgage Rates Fall for a Second Consecutive Week

**URL:** <https://forum.notarycafe.com/t/good-news-u-s-mortgage-rates-fall-for-a-second-consecutive-week/20450>\
**Category:** PSAs and News\
**Created:** [April 18, 2021, 1:38pm UTC](https://forum.notarycafe.com/t/good-news-u-s-mortgage-rates-fall-for-a-second-consecutive-week/20450 "2021-04-18T13:38:47Z")\
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**Post date:** [April 18, 2021, 1:38pm UTC](https://forum.notarycafe.com/t/good-news-u-s-mortgage-rates-fall-for-a-second-consecutive-week/20450/1 "2021-04-18T13:38:48Z")

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Mortgage rates fell for the second time in 9-weeks in the week ending 15th April. Following a 5-basis points decline from the week prior, 30-year fixed rates fell by 9 basis points to 3.04%.

Compared to this time last year, 30-year fixed rates were down by 27 basis points.

30-year fixed rates were still down by 190 basis points since November 2018’s last peak of 4.94%.  
Notably, however, it was just the seventh plus 3% week since July of last year.

\*\*Freddie Mac Rates

- 30-year fixed rates fell by 9 basis point to 3.04% in the week. This time last year, rates had stood at 3.31%. The average fee held steady at 0.7 points.

- 15-year fixed declined by 7 basis points to 2.35% in the week. Rates were down by 45 basis points from 2.80% a year ago. The average fee increased from 0.6 points to 0.7 points.

- 5-year fixed rates slid by 12 basis points to 2.80%. Rates were down by 54 basis points from 3.34% a year ago. The average fee rose from 0.1 point to 0.4 points.

According to Freddie Mac,

- The economy is improving on the demand side and on the supply side, while a variety of goods and materials remain scarce.
- As a result of this imbalance, pricing pressures are building and causing inflation to rise.
- Despite the pause in mortgage rates recently, we expect them to increase modestly for the remainder of the year.

\*\*Mortgage Bankers’ Association Rates

- Average interest rates for 30-year fixed to conforming loan balances decreased from 3.36% to 3.27%. Points decreased from 0.43 to 0.33 (incl. origination fee) for 80% LTV loans.
- Average 30-year fixed mortgage rates backed by FHA decreased from 3.36% to 3.24%. Points rose from 0.36 to 0.40 (incl. origination fee) for 80% LTV loans.
- Average 30-year rates for jumbo loan balances decreased from 3.41% to 3.35%. Points decreased from 0.41 to 0.34 (incl. origination fee) for 80% LTV loans.

According to the MBA,

- Purchase and refinance applications fell, with most of the pullback coming earlier in the week, when rates were higher.
- Treasury yields started last week high – close to the prior week’s level at over 1.7% before falling 6 basis points.
- Refinance activity has now decreased for nine of the past 10-weeks, as rates have gone from 2.92% to 3.27% over the period.
- Last week’s index level was the lowest in over a year, as mortgage rates continue to trend higher.
- Many borrowers have either refinanced at lower rates or are unwilling – or unable – to refinance at current rates.
- A third straight week of declining purchase activity is a sign that rising home prices and tight supply are constraining home sales.
- Purchase applications were still above last year’s pandemic-impacted low point but fell behind the level of activity seen in the same week in 2019.