Wednesday
April 23, 2014

Mortgage Rates Sink Lower Again This Week

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Mortgage Rates Sink Lower Again This Week

For the second consecutive week, fixed-rate mortgages edged down, providing ongoing support for the housing recovery, Freddie Mac reports in its weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 3.43 percent this week, which is near its 65-year record low. 

Here’s a closer look at rates for the week ending April 11: 

  • 30-year fixed-rate mortgages: averaged 3.43 percent, with an average 0.8 point, dropping from last week’s 3.54 percent average. A year ago at this time, 30-year rates averaged 3.88 percent.  
  • 15-year fixed-rate mortgages: averaged 2.65 percent, with an average 0.7 point, falling from last week’s 2.74 percent average. Last year at this time, 15-year rates averaged 3.11 percent.
  • 5-year adjustable-rate mortgages: averaged 2.62 percent, with an average 0.5 point, dropping from last week’s 2.65 percent average. Last year at this time, the 5-year ARM averaged 2.85 percent. 
  • 1-year ARMs: averaged 2.62 percent, with an average 0.3 point, dropping from last week’s 2.63 percent average. A year ago at this time, 1-year ARMs averaged 2.80 percent. 

Source: Freddie Mac