Mortgage Rates Move Down Slightly
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates moving down slightly and remaining near their 2015 lows as the spring home buying season continues.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.65 percent, down slightly from last week when it averaged 3.67 percent. A year ago at this time, the 30-year FRM averaged 4.33 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 2.92 percent, also down slightly from last week when it averaged 2.94 percent. A year ago at this time, the 15-year FRM averaged 3.39 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.84 percent, down from last week when it averaged 2.88 percent. A year ago, the 5-year ARM averaged 3.03 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.44 percent, is also down slightly from last week when it averaged 2.46. At this time last year, the 1-year ARM averaged 2.44 percent.
Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.
Attributed to Len Kiefer, deputy chief economist, Freddie Mac:
“Mortgage rates fell slightly to 3.65 percent this week, positive news for potential homebuyers in the market this spring. Purchase applications in 60 of the 100 markets that MiMi tracks are up from the same time last year, including 20 markets that are showing double-digit increases. Reinforcing this positive momentum, existing home sales surged 6.1 percent to a seasonally adjusted annual rate of 5.19 million units in March, the highest annual rate since September 2013. Housing inventory rose 5.3 percent to 2 million homes for sale, but unsold inventory was little changed at a 4.6 month supply.”
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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