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November 24, 2014

Mortgage Rates Reverse Course This Week

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Mortgage Rates Reverse Course This Week

Following two weeks of increases, average fixed-rate mortgages inched down this week, providing buyers some relief heading into the spring home-buying season, Freddie Mac reports in its weekly mortgage market survey.

Freddie Mac recorded the following national averages for the week ending April 10:

  • 30-year fixed-rate mortgages: averaged 4.34 percent, with an average 0.7 point, dropping from last week’s 4.41 percent. Last year at this time, 30-year rates averaged 3.43 percent.
  • 15-year fixed-rate mortgages: averaged 3.38 percent, with an average 0.6 point, dropping from last week’s 3.47 percent average. A year ago, 15-year rates averaged 2.65 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.09 percent, with an average 0.5 point, dropping from last week’s 3.12 percent average. Last year at this time, 5-year ARMs averaged 2.62 percent.
  • 1-year ARMs: averaged 2.41 percent, with an average 0.5 point, falling form last week’s 2.45 percent average. A year ago, 1-year ARMs averaged 2.62 percent.

“Mortgage rates eased a bit following the decline in 10-year Treasury yields,” says Frank E. Nothaft, Freddie Mac’s chief economist. “Also, the economy added 192,000 jobs in March, which was below the market consensus forecast but followed an upward revision of 22,000 jobs in February. Meanwhile, the unemployment rate held steady at 6.7 percent.”

Source: Freddie Mac

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