According to the recently released Freddie Mac Primary Mortgage Market Survey® (PMMS®), average fixed mortgage rates remain largely calm amid mixed economic and housing data.
The 30-year fixed-rate mortgage (FRM) averaged 3.70 percent with an average 0.6 point for the week ending April 2, 2015, up from last week when it averaged 3.69 percent. A year ago at this time, the 30-year FRM averaged 4.41 percent.
Additionally, the 15-year FRM this week averaged 2.98 percent with an average 0.6 point, up from last week when it averaged 2.97 percent. A year ago at this time, the 15-year FRM averaged 3.47 percent.
“Mortgage rates were little changed this week entering April about where we started the year,” says Len Kiefer, deputy chief economist, Freddie Mac. “The final estimate of real GDP growth for the fourth quarter of 2014 was unchanged from the prior estimate of a 2.2 percent annualized rate. Meanwhile, the National Association of Realtors reported that pending home sales rose 3.1 percent in February, beating expectations. The pending home sales index was at the highest level since June of 2013 when 30-year fixed mortgage rates averaged 4.07 percent, 0.37 percentage points higher than this week’s survey.”
Results show that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.92 percent this week with an average 0.5 point, unchanged from last week. A year ago, the 5-year ARM averaged 3.12 percent.
The 1-year Treasury-indexed ARM averaged 2.46 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.45 percent.
For more information, visit www.FreddieMac.com.
