Fixed Mortgage Rates Tick Down
April 10 - Freddie Mac released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates moving down slightly as the spring homebuying season ramps up.
- 30-year fixed-rate mortgage averaged 4.34 percent with an average 0.7 point for the week ending April 10, down from last week when it averaged 4.41 percent. A year ago at this time, the 30-year FRM averaged 3.43 percent.
- 15-year FRM this week averaged 3.38 percent with an average 0.6 point, down from last week when it averaged 3.47 percent. A year ago at this time, the 15-year FRM averaged 2.65 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.09 percent this week with an average 0.5 point, down from last week when it averaged 3.12 percent. A year ago, the 5-year ARM averaged 2.62 percent.
- 1-year Treasury-indexed ARM averaged 2.41 percent this week with an average 0.5 point, down from last week when it averaged 2.45 percent. At this time last year, the 1-year ARM averaged 2.62 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
"Mortgage rates eased a bit following the decline in 10-year Treasury yields," said Frank Nothaft, vice president and chief economist, Freddie Mac. "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."