The WPJ
Residential Real Estate News
Mortgage Rates Remain Low in April as Homebuying Season Starts
According to Freddie Mac 's latest Primary Mortgage Market Survey for mid-April, U.S. mortgage rates largely unchanged and remained near their low mark for 2016 at the start of the spring homebuying season.
Sean Becketti, chief economist of Freddie Mac says, "Volatility in financial markets subsided over the past week, allowing Treasury yields to stabilize. As a result, the 30-year mortgage rate was mostly flat, up only 1 basis point to 3.59 percent. The release of March's existing-home sales report, which shows monthly growth at 5.1 percent, suggests homebuyers are taking advantage of low mortgage rates as the spring homebuying season gets underway."
Freddie Mac News Facts
- 30-year fixed-rate mortgage (FRM) averaged 3.59 percent with an average 0.6 point for the week ending April 21, 2016, up from last week when they averaged 3.58 percent. A year ago at this time, the 30-year FRM averaged 3.65 percent.
- 15-year FRM this week averaged 2.85 percent with an average 0.5 point, down from last week when it averaged 2.86 percent. A year ago at this time, the 15-year FRM averaged 2.92 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.81 percent this week with an average 0.5 point, down from last week when it averaged 2.84 percent. A year ago, the 5-year ARM averaged 2.84 percent.
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