Source: Freddie Mac / #Multifamily #Finance
MCLEAN, VA - Freddie Mac released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates slightly higher amid mixed housing and economic reports.
30-year fixed-rate mortgage (FRM) averaged 3.68 percent with an average 0.6 point for the week ending April 30, 2015, up from last week when it averaged 3.65 percent. A year ago at this time, the 30-year FRM averaged 4.29 percent.
15-year FRM this week averaged 2.94 percent with an average 0.6 point, up from last week when it averaged 2.92 percent. A year ago at this time, the 15-year FRM averaged 3.38 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent this week with an average 0.5 point, up from last week when it averaged 2.84 percent. A year ago, the 5-year ARM averaged 3.05 percent.
1-year Treasury-indexed ARM averaged 2.49 percent this week with an average 0.4 point, up from last week when it averaged 2.44 percent. At this time last year, the 1-year ARM averaged 2.45 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.
Len Kiefer, deputy chief economist, Freddie Mac stated, "Mortgage rates were up slightly following a week of mixed economic releases. Real GDP grew at a paltry 0.2 percent annualized rate in the first quarter of 2015, well below expectations. However, the National Association of Realtors' pending home sales index rose 1.1 percent in March for the third consecutive month. The S&P/Case-Shiller National House Price Index also rose 5.0 percent in February on a yearly basis."