Mortgage Rates in U.S. Continued to Seesaw in April

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Freddie Mac reported this week that the average fixed mortgage rate moved down slightly following the release of real GDP estimates for the first quarter.

Freddie Mac's chief economist Frank Nothaft commented, "Mortgage rates were down slightly following the release of real GDP estimates for the first quarter of the year which rose 0.1 percent and fell well short of market expectations. Meanwhile, the pending home sales index rose in March ending eight consecutive months of decline and the S&P/Case-Shiller 20-city composite house price index rose 12.9 percent over the 12-months ending in February 2014."

Freddie Mac's latest Primary Mortgage Market Survey (PMMS) also reported:

• 30-year fixed-rate mortgage (FRM) averaged 4.29 percent with an average 0.7 point for the week ending May 1, 2014, down from last week when it averaged 4.33 percent. A year ago at this time, the 30-year FRM averaged 3.35 percent.

• 15-year FRM this week averaged 3.38 percent with an average 0.6 point, down from last week when it averaged 3.39 percent. A year ago at this time, the 15-year FRM averaged 2.56 percent. 

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.05 percent this week with an average 0.4 point, up from last week when it averaged 3.03 percent. A year ago, the 5-year ARM averaged 2.56 percent.

• 1-year Treasury-indexed ARM averaged 2.45 percent this week with an average 0.5 point, up from last week when it averaged 2.44 percent. At this time last year, the 1-year ARM averaged 2.56 percent.