Mortgage rates take a breather

30-year fixed-rate mortgage averages 3.33% for the week ending April 9, unchanged from the previous week and down from 4.12% at this time a year ago, according to the Freddie Mac Primary Mortgage Market Survey.

Mortgage rates, though, are likely to resume their decline.

“This year the 10-year Treasury market has declined by over a full percentage point, yet mortgage rates have only declined by one-third of a point,” said Freddie Chief Economist Sam Khater. “As financial markets continue to heal, we expect mortgage rates will drift lower in the second half of 2020.”

15-year FRM averages 2.77% vs. 2.82% in the previous week and 3.60% a year ago.

5-year Treasury-indexed hybrid adjustable rate mortgage averages 3.40%, unchanged from a week earlier and down from 3.80% a year ago.