Freddie Mac: Mortgage Rates Hold Steady

Posted by Patrick Barnard on April 21, 2016 No Comments
Categories : Residential Mortgage

Mortgage rates remained largely unchanged near their low mark for 2016 during the week ending April 21, according to Freddie Mac’s Primary Mortgage Market Survey.

The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.59%, up only slightly from last week when it averaged 3.58%. A year ago at this time, the 30-year FRM averaged 3.65%.

The average rate for a 15-year FRM was 2.85%, down slightly from last week’s 2.86%. A year ago at this time, the 15-year FRM averaged 2.92%.

The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 2.81%, down from last week when it averaged 2.84%. A year ago, the five-year ARM averaged 2.84%.

“Volatility in financial markets subsided over the past week, allowing Treasury yields to stabilize,” says Sean Becketti, chief economist at Freddie Mac. “As a result, the 30-year mortgage rate was mostly flat – up only one basis point to 3.59 percent. The release of March’s existing-home sales report, which shows monthly growth at 5.1 percent, suggests home buyers are taking advantage of low mortgage rates as the spring home buying season gets under way.”

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