The WPJ
Residential Real Estate News
Fixed Mortgage Rates Ease in Mid-April
Based on Freddie Mac latest Primary Mortgage Market Survey (PMMS), the average for fixed-rate mortgages in the U.S. further dipped for the second consecutive week helping to increase home buyer affordability at the onset of the spring home buying season.
Freddie Mac's chief economist Frank Nothaft says, "Mortgage rates continued to ease this week as housing starts rose 2.8 percent in March but not as much as expected. Also, permits fell 2.4 percent in March to a seasonally adjusted annual rate of 990,000, which followed a slight downward revision of 4,000 permits in February."
Freddie Mac PMMS highlights include:
- 30-year fixed-rate mortgage (FRM) averaged 4.27 percent with an average 0.7 point for the week ending April 17, 2014, down from last week when it averaged 4.34 percent. A year ago at this time, the 30-year FRM averaged 3.41 percent.
- 15-year FRM this week averaged 3.33 percent with an average 0.6 point, down from last week when it averaged 3.38 percent. A year ago at this time, the 15-year FRM averaged 2.64 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.03 percent this week with an average 0.5 point, down from last week when it averaged 3.09 percent. A year ago, the 5-year ARM averaged 2.60 percent.
- 1-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.5 point, up from last week when it averaged 2.41 percent. At this time last year, the 1-year ARM averaged 2.63 percent.
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