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Mortgage Rates Follow U.S. Treasury Yields, Inch Up in Late April

Mortgage Rates Follow U.S. Treasury Yields, Inch Up in Late April

Residential News » United States Edition | By Monsef Rachid | April 29, 2016 9:58 AM ET



According to Freddie Mac 's latest Primary Mortgage Market Survey (PMMS) for the last week of April 2016, the average fixed U.S. mortgage rate upticked, but remaining well below 4 percent as we head into the heart of the spring home buying season.

Freddie Mac's chief economist Sean Becketti said, "Treasury yields marched higher this week. As a result, the 30-year mortgage rate jumped 7 basis points to 3.66 percent. The Federal Reserve's decision to leave the Federal funds rate unchanged triggered a 9 basis point drop in the 10-year Treasury yield on Wednesday, however the drop occurred too late to impact this week's survey."

Freddie Mac News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.66 percent with an average 0.6 point for the week ending April 28, 2016, up from last week when it averaged 3.59 percent. A year ago at this time, the 30-year FRM averaged 3.68 percent. 
  • 15-year FRM this week averaged 2.89 percent with an average 0.6 point, up from last week when it averaged 2.85 percent. A year ago at this time, the 15-year FRM averaged 2.94 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.86 percent this week with an average 0.5 point, up from last week when it averaged 2.81 percent. A year ago, the 5-year ARM averaged 2.85 percent.


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