Mortgage Rates Little Changed
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates largely calm amid mixed economic and housing data and ahead of the Friday employment report for March.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.70 percent, up slightly from last week when it averaged 3.69 percent. A year ago at this time, the 30-year FRM averaged 4.41 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 2.98 percent, also up slightly from last week when it averaged 2.97 percent. A year ago at this time, the 15-year FRM averaged 3.47 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged at 2.92 percent, unchanged from last week. A year ago, the 5-year ARM averaged 3.12 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.46 percent, also unchanged from last week. At this time last year, the 1-year ARM averaged 2.45 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 were little changed this week entering April about where we started the year. The final estimate of real GDP growth for the fourth quarter of 2014 was unchanged from the prior estimate of a 2.2 percent annualized rate. Meanwhile, the National Association of Realtors reported that pending home sales rose 3.1 percent in February, beating expectations. The pending home sales index was at the highest level since June of 2013 when 30-year fixed mortgage rates averaged 4.07 percent, 0.37 percentage points higher than this week’s survey.”
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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