Freddie Mac: Mortgage Interest Rates Hit New Low For 2016

Posted by Patrick Barnard on April 14, 2016 No Comments
Categories : Residential Mortgage

Mortgage rates reached a new low for the year during the week ended April 14, according to Freddie Mac’s Primary Mortgage Market Survey.

The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.58%, down slightly from 3.59% the previous week. A year ago at this time, the 30-year FRM averaged 3.67%.

The average rate for a 15-year FRM was 2.86%, down from 2.88%. A year ago at this time, the 15-year FRM averaged 2.94%.

The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 2.84%, up slightly from 2.82%. A year ago, the five-year ARM averaged 2.88%.

“Demand for Treasuries remained high this week, driving yields to their lowest point since February,” says Sean Becketti, chief economist for Freddie Mac, in a release. “In response, the 30-year mortgage rate fell one basis point to 3.58 percent. This rate represents yet another low for 2016 and the lowest mark since May 2013.”

Register here to receive our Latest Headlines email newsletter

Leave a Comment