Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) last week, showing the 30-year fixed mortgage rate dropped to its lowest mark since Nov. 10, 2016.

“The 10-year Treasury yield fell six basis points this week amid concerns over lagging inflation,” Sean Becketti, chief economist at Freddie Mac, said in a statement. “The 30-year mortgage rate also declined for the fourth consecutive week, dropping three basis points to a new year-to-date low of 3.86 percent.”

• The 30-year fixed-rate mortgage (FRM) averaged 3.86 percent with an average 0.5 point for the week ending August 24, 2017, down from the previous week when it averaged 3.89 percent. A year ago at this time, the 30-year FRM averaged 3.43 percent.
• The 15-year FRM this week averaged 3.16 percent with an average 0.5 point, the same as last week. A year ago at this time, the 15-year FRM averaged 2.74 percent.
• The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.17 percent this week with an average 0.5 point, up from last week when it averaged 3.16 percent. A year ago at this time, the five-year ARM averaged 2.75 percent.

Borrowers may still pay closing costs which are not included in the survey.