Mortgage rates hit new low for 2017

But they’re still higher than at this time last year

Mortgage rates have fallen to their lowest point of 2017, but they remain up from a year ago.

Freddie Mac reported Thursday that the 30-year fixed mortgage rate dropped to a year-todate low for the third consecutive week. The average 30-year rate for a home loan now stands at 3.78 percent, down from 3.82 percent the week before — but up from 3.44 percent at this time last year.

The 15-year fixed rate averaged 3.08 percent, down from 3.12 percent one week earlier — and up from 2.76 percent a year ago.

There was a slight uptick for the five-year adjustable-rate mortgage (ARM). It averaged 3.15 percent this week, a hair above last week’s 3.14 percent. A year ago, the 5-year ARM averaged 2.81 percent.

The general drop- off in mortgage rates follows a decline in the Treaury yield, noted Freddie Mac chief economist Sean Becketti.

“The 10-year Treasury yield fell nine basis points this week, reaching a new 2017-low for a second consecutive week,” he said. “The 30-year mortgage rate fol-