Freddie Mac: Mortgage Rates Inched Up Slightly

Posted by Patrick Barnard on April 16, 2015 No Comments
Categories : Residential Mortgage

Fixed mortgage rates inched up slightly during the week ended April 16, according to Freddie Mac's Primary Mortgage Market Survey.

The average rate for a 30-year fixed-rate mortgage (FRM) was 3.67%, up slightly from 3.66% the previous week. A year ago at this time, the 30-year FRM averaged 4.27%.

The average rate for a 15-year FRM was 2.94%, up from 2.93% the week prior. A year ago at this time, the 15-year FRM averaged 3.33%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.88%, up from 2.83%. A year ago, the five-year ARM averaged 3.03%.

The average rate for a one-year Treasury-indexed ARM was 2.46%, unchanged from the previous week. At this time last year, the one-year ARM averaged 2.44%.

‘Mortgage rates were little changed following a light week of economic reports and remaining low at the spring homebuying season,’ says Len Kiefer, deputy chief economist for Freddie Mac, in a statement. ‘Of the few releases, the advance estimate of retail sales rebounded 0.9% in March though slightly below market expectations. Meanwhile, the National Association of Home Builders/Wells Fargo Housing Market Index jumped four points to [reach an index score of] 56 in April, suggesting home builders are optimistic and the housing market will continue to strengthen in 2015.’

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