Freddie Mac's Primary Mortgage Market Survey revealed that the 30-year fixed-rate mortgage averaged 3.72 percent, down .2 percent from a week ago.
"The combination of improved economic data and market sentiment has led to stability in mortgage rates, which have hovered around 3.7 percent for nearly the last two months," said Sam Khater, Freddie Mac’s Chief Economist, according to a press release.
"The stability is welcome news after the interest rate turbulence of the last year, which caused a slowdown in the housing market and other interest rate sensitive sectors. The low mortgage rate environment combined with the red-hot labor market is setting the stage for a continued rise in home sales and home prices."
The 15-year fixed-rate mortgage also dipped .7 percent from the previous week.
"5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.46 percent with an average 0.3 point, slightly up from last week when it averaged 3.45 percent," according to the report.
To check out the full breakdown of Freddie Mac's Primary Mortgage Market Survey, click here.