Mortgage rates fall to new 2016 lows, with 30-year FRM at 3.58%

Mortgage interest rates dipped to new 2016 lows and the lowest rates since May 2013, according to a weekly survey of national mortgage rates by Freddie Mac. For the week ending April 14 the 30-year fixed-rate mortgage (FRM) averaged 3.58 percent with an average 0.5 point, down from last week when they averaged 3.59 percent. A year ago at this time, the 30-year FRM averaged 3.67 percent.

The 15-year FRM also fell slightly, it averaged 2.86 percent with an average 0.5 point, down from last week when it averaged 2.88 percent. A year ago at this time, the 15-year FRM averaged 2.94 percent.

Economist attributes the declines to high demand for Treasuries, which has driven yields to their lowest point since February.