Freddie Mac has announced that the average rates for fixed-rate mortgages (FRMs) held relatively stable this week, although the average five-year adjustable-rate mortgage (ARM) hit a new all-time low of 2.78%, from its previous low of 2.8% set the first week of February.
The 30-year FRM averaged 3.9% with an average 0.8 point for the week ending April 19, up from last week when it averaged 3.88%. Last year at this time, the 30-year FRM averaged 4.8%. The 15-year FRM this week averaged 3.13% with an average 0.7 point, up from last week when it averaged 3.11%.
‘Fixed mortgage rates held relatively stable this week amid signs that inflation remains in check,’ says Frank Nothaft, vice president and chief economist at Freddie Mac. ‘Industrial production was flat in March, a reading below the market consensus forecast. Meanwhile, both headline inflation gauges (the consumer and producer price indexes) for March were in line with market expectations.’