Mortgage rates declined slightly from the previous week to reach a new low for the year, according to results from Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®).
“Demand for Treasuries remained high this week, driving yields to their lowest point since February,” says Sean Becketti, chief economist of Freddie Mac. “In response, the 30-year mortgage rate fell 1 basis point to 3.58 percent. This rate represents yet another low for 2016 and the lowest mark since May 2013.”
PMMS results show the 30-year fixed-rate mortgage (FRM) averaged 3.58 percent with an average 0.5 point for the week ending April 14, 2016, down from last week when they averaged 3.59 percent. A year ago at this time, the 30-year FRM averaged 3.67 percent.
The 15-year FRM this week averaged 2.86 percent with an average 0.5 point, down from last week when it averaged 2.88 percent. A year ago at this time, the 15-year FRM averaged 2.94 percent.
Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent this week with an average 0.4 point, up from last week when it averaged 2.82 percent. A year ago, the 5-year ARM averaged 2.88 percent.
For more information, visit www.freddiemac.com.
