The WPJ
Residential Real Estate News
Mortgage Rates Follow U.S. Treasury Yields, Inch Up in Late April
According to Freddie Mac 's latest Primary Mortgage Market Survey (PMMS) for the last week of April 2016, the average fixed U.S. mortgage rate upticked, but remaining well below 4 percent as we head into the heart of the spring home buying season.
Freddie Mac's chief economist Sean Becketti said, "Treasury yields marched higher this week. As a result, the 30-year mortgage rate jumped 7 basis points to 3.66 percent. The Federal Reserve's decision to leave the Federal funds rate unchanged triggered a 9 basis point drop in the 10-year Treasury yield on Wednesday, however the drop occurred too late to impact this week's survey."
Freddie Mac News Facts
- 30-year fixed-rate mortgage (FRM) averaged 3.66 percent with an average 0.6 point for the week ending April 28, 2016, up from last week when it averaged 3.59 percent. A year ago at this time, the 30-year FRM averaged 3.68 percent.
- 15-year FRM this week averaged 2.89 percent with an average 0.6 point, up from last week when it averaged 2.85 percent. A year ago at this time, the 15-year FRM averaged 2.94 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.86 percent this week with an average 0.5 point, up from last week when it averaged 2.81 percent. A year ago, the 5-year ARM averaged 2.85 percent.
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