April 5, 2012 (Shirley Allen)
Mortgage interest rates for all loan types either fell slightly or remained unchanged from the previous week according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending April 5th.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages fell slightly this week with the 30-year fixed rate averaging 3.98 percent with an average of 0.7 points, down from an average of 3.99 percent last week. A year ago, the 30-year fixed rate mortgage averaged 4.87 percent.
The 15-year fixed rate mortgage also fell, reaching an average of 3.21 percent with an average of 0.7 points, down from last week’s average of 3.23 percent. At this time last year, the 15-year fixed rate mortgage averaged 4.10 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable mortgages fell or remained unchanged from last week with the 5-year Treasury-indexed hybrid ARM averaging 2.86 percent, down from last week’s average of 2.90 percent, with an average of 0.8 points. The 5-year adjustable rate mortgage averaged 3.72 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.78 percent with an average of 0.6 points, unchanged from last week’s average. A year ago, the 1-year adjustable rate mortgage averaged 3.22 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Average weekly mortgage rates were little changed this week amid mixed signals on the health of the economy. The final estimate of 2011 fourth quarter growth remained unchanged at 3 percent, representing the strongest pace since the second quarter of 2010. The March 13th policy committee minutes from the Federal Reserve noted that the housing market remained depressed and supported the continuation of the maturity extension program through June 2012, but did not announce any new stimulus action beyond that date.”
30-Year Fixed Rate Mortgages | US | NE | SE | NC | SW | W |
---|---|---|---|---|---|---|
Average | 3.98 | 4.01 | 4.01 | 4.00 | 4.02 | 3.92 |
Fees & Points | 0.7 | 0.7 | 0.8 | 0.7 | 0.8 | 0.8 |
15-Year Fixed Rate Mortgages | US | NE | SE | NC | SW | W |
---|---|---|---|---|---|---|
Average | 3.21 | 3.21 | 3.23 | 3.23 | 3.31 | 3.14 |
Fees & Points | 0.7 | 0.7 | 0.8 | 0.6 | 0.8 | 0.7 |
5/1-Year Adjustable Rate Mortgages | US | NE | SE | NC | SW | W |
---|---|---|---|---|---|---|
Average | 2.86 | 2.89 | 2.85 | 3.00 | 2.80 | 2.77 |
Fees & Points | 0.8 | 0.7 | 0.8 | 0.6 | 0.9 | 0.8 |
Margin | 2.74 | 2.74 | 2.75 | 2.73 | 2.77 | 2.74 |
1-Year Adjustable Rate Mortgages | US | NE | SE | NC | SW | W |
---|---|---|---|---|---|---|
Average | 2.78 | 2.86 | 2.63 | 3.00 | 2.70 | 2.66 |
Fees & Points | 0.6 | 0.8 | 0.6 | 0.5 | 0.6 | 0.5 |
Margin | 2.76 | 2.79 | 2.75 | 2.73 | 2.77 | 2.75 |
The National Mortgage Rate Snapshot | One Year Ago | One Week Ago | ||||||
---|---|---|---|---|---|---|---|---|
30-YR | 15-YR | 5/1-YR | 1-YR ARM | 30-YR | 15-YR | 5/1-YR | 1-YR ARM | |
Average | 4.87 | 4.10 | 3.72 | 3.22 | 3.99 | 3.23 | 2.90 | 2.78 |
Fees & Points | 0.7 | 0.7 | 0.6 | 0.7 | 0.7 | 0.8 | 0.8 | 0.6 |
Margin | N/A | N/A | 2.74 | 2.76 | N/A | N/A | 2.74 | 2.76 |
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury
Source:
Freddie Mac