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.”