TPH - Mortgage rates reverse its rising course and drop to 3.13% first since February

30-year fixed-rate mortgage averages 3.13% for the week ending Apr.8, marginally below 3.18% recorded in prior week and down from 3.33% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey.Source: Freddie Mac 2021 GlobeNewswireModest decline in U.S. Treasury yields led the drop in rates."As the economy recovers, it should experience a strong rebound in the labor market. Combined, these positive signals will continue to bolster purchase demand. The drop in rates creates yet another opportunity for those who have not refinanced to take a look at the possibility," Freddie Mac's Chief Economist. Sam Khater commented.15-year FRM averages 2.42% down from prior week's 2.45% and 2.77% a year ago.5-year Treasury-indexed hybrid adjustable rate mortgage average 2.92%, up from last week's 2.84%, and down from 3.40% a year ago.While Zillow economist Matthew Speakman believes that mortgage rates may be responding to pandemic-related signals, he commented, "With coronavirus cases beginning to

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Mortgage rates reverse its rising course and drop to 3.13%, first since February