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30-Year Fixed Rate Mortgages in U.S. Stay Below 4% This Week

30-Year Fixed Rate Mortgages in U.S. Stay Below 4% This Week

Residential News » North America Residential News Edition | By Michael Gerrity | April 6, 2012 8:00 AM ET



Thumbnail image for Frank-Nothaft-headshot.jpg

Frank Nothaft

Based on Freddie Mac's latest Primary Mortgage Market Survey (PMMS), U.S. mortgage rates changing little from the previous week with the average 30-year fixed-rate mortgage remaining just below 4.00 percent for the second consecutive week.

Freddie Mac chief economist Frank Nothaft said, "Average weekly mortgage rates were little changed this week amid mixed signals on the health of the economy. The final estimate of 2011 fourth quarter growth remained unchanged at 3 percent, representing the strongest pace since the second quarter of 2010. The March 13th policy committee minutes from the Federal Reserve noted that the housing market remained depressed and supported the continuation of the maturity extension program through June 2012, but did not announce any new stimulus action beyond that date."

The 30-year fixed-rate mortgage (FRM) averaged 3.98 percent with an average 0.7 point for the week ending April 5, 2012, down from last week when it averaged 3.99 percent. Last year at this time, the 30-year FRM averaged 4.87 percent.

15-year FRM this week averaged 3.21 percent with an average 0.7 point, down from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 4.10 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.86 percent this week, with an average 0.8 point, down from last week when it averaged 2.90 percent. A year ago, the 5-year ARM averaged 3.72 percent.

1-year Treasury-indexed ARM averaged 2.78 percent this week with an average 0.6 point, unchanged from last week when it averaged 2.78 percent. At this time last year, the 1-year ARM averaged 3.22 percent.



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