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Mortgage Rates Staying Near Yearly Lows

Home buyers and owners can still lock in low mortgage rates. Freddie Mac reports in its weekly mortgage market survey that rates mostly remained unchanged this week, staying near their low mark for the year.

“Volatility in financial markets subsided over the past week, allowing Treasury yields to stabilize,” says Sean Becketti, Freddie Mac’s chief economist. “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 home buyers are taking advantage of low mortgage rates as the spring home-buying season gets underway.”

Freddie Mac reports the following national averages with mortgage rates for the week ending April 21:

  • 30-year fixed-rate mortgages: averaged 3.59 percent, with an average 0.6 point, rising from last week’s 3.58 percent average. A year ago, 30-year rates averaged 3.65 percent.
  • 15-year fixed-rate mortgages: averaged 2.85 percent, with an average 0.5 point, falling from last week’s 2.86 percent average. Last year at this time, 15-year rates averaged 2.92 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.81 percent, with an average 0.5 point, falling from last week’s 2.84 percent average. A year ago, 5-year ARMs averaged 2.84 percent.

Source: Freddie Mac

Reprinted from REALTORĀ® Magazine Online (http://realtormag.realtor.org), April 22, 2016, with permission of the NATIONAL ASSOCIATION OF REALTORSĀ®. Copyright 2016. All rights reserved.

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