Mortgage Rates Dip

Fixed mortgage rates hold steady.
Mortgage rates dipped a bit for the week ending April 4, 2013. The average 30-year fixed mortgage rate has remained below 4 percent for over a year helping the housing recovery.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages fell this week. The average 30-year fixed rate mortgage fell to 3.54 from 3.57 percent last week. Last year at this time the 30-year FRM averaged 3.98 percent.


15-Year Fixed Rate Mortgages

Average 15-year fixed rate mortgages fell slightly to 2.74 percent from 2.76 last week. Last year at this time, the 15-year FRM averaged 3.21 percent.


5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) dipped slightly to 2.65 percent from 2.68 percent last week. A year ago, the 5-year ARM averaged 2.86 percent.


1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is up this week to 2.63 percent from 2.62 percent last week. Last year at this time, the 1-year ARM averaged 2.78 percent.


Contact a licensed mortgage loan professional to take advantage of these record low mortgage rates. Find a loan officer near you.


Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:

“Fixed mortgage rates dipped slightly while the manufacturing industry showed signs of slowing. Regionally, both the Chicago [PDF] and Milwaukee purchasing manager reports for March fell below the market consensus forecast. On a national scale, both the ISM manufacturing and non-manufacturing indexes also showed reductions in growth.”


Original Source: Freddie Mac Interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

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