30 Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) the 30-year fixed-rate mortgage (FRM) averaged 3.88% percent for the week ending April 26, 2012 – down (slightly) from last week when it averaged 3.90% percent. The 30-year fixed rate mortgage has been below 4% for all but one week in 2012.
15 Year Fixed Rate Mortgages
The 15-year FRM averaged 3.12 percent for the week – down (slightly) from last week when it averaged 3.13 percent. A year ago at this time, the 15-year FRM averaged 3.97 percent.
5-Year Adjustable-Rate Mortgages
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent for the week – up from last week when it averages 2.78 percent. Last year at this time, the five-year ARM averaged 3.51 percent. Also this week, the one-year Treasury-indexed ARM is down to 2.74 percent from 2.81 percent last week. At this time last year, the one-year ARM averaged 3.15 percent.
Vice President and Chief Economist of Freddie Mac, Frank Nothaft was quoted as saying, “Fixed mortgage rates held near record lows this week as the markets waited for the Federal Reserve’s (Fed) April 25th monetary policy announcement following two days of deliberations. The Fed stated that it expects economic growth to remain moderate and then pick up gradually. In addition, it noted that labor market conditions have improved in recent months and it anticipates the unemployment rate will decline gradually.”
Nothaft also said, “The housing market has also shown some improvement as well. The Federal Housing Finance Agency’s purchase-only house price index rose at a monthly rate of 0.3 percent in February. Moreover, 12 out of 20 metropolitan areas experienced increases over the month, according to the S&P/Case-Shiller® 20-city indexes, led by a 2.1 percent gain in Phoenix. New home sales in March were stronger than the consensus market forecast and February’s sales were revised upwards to the strongest pace in almost two years. However, the Fed’s statement warned that despite some signs of improvement, the housing sector still remains depressed.”
Original Source: Freddie Mac
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