Mortgage interest rates were generally lower this week with only the one-year adjustable rate mortgage posting a slight increase over the previous week according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending April 4th, 2013.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages were down from last week with the 30-year fixed rate mortgage falling three basis points this week to 3.54 percent with an average of 0.8 points. Mortgage rates for the 30-year fixed mortgage have been under four percent for 54 consecutive weeks. A year ago, the 30-year fixed rate mortgage averaged 3.98 percent.
Average 30-year rates were generally the lowest in the Western portion of the United States where mortgage rates averaged 3.50 percent while the highest rates were reported in the Northeastern area of the country where interest rates averaged 3.57 percent.
The average 15-year fixed rate mortgage also moved lower, falling to 2.74 percent with an average of 0.7 points from an average of 2.76 percent last week. Mortgage rates for the 15-year fixed mortgage have been under three percent for 45 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.21 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable-rate mortgages were mixed this week with the 5-year Treasury-indexed hybrid ARM averaging 2.65 percent, with an average of 0.5 points, down from an average of 2.68 percent last week. The 5-year adjustable rate mortgage averaged 2.86 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.63 percent with an average of 0.4 points, up slightly from last week’s average of 2.62 percent. A year ago, the 1-year adjustable rate mortgage averaged 2.78 percent.
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.8||0.7||0.8||0.8||0.7||0.8|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.7||0.7||0.6||0.7|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.5||0.5||0.6||0.5||0.6||0.5|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.4||0.5||0.5||0.2||0.4||0.3|
|The National Mortgage Rate Snapshot||One Year Ago||One Week Ago|
|30-YR||15-YR||5/1-YR||1-YR ARM||30-YR||15-YR||5/1-YR||1-YR ARM|
|Fees & Points||0.7||0.7||0.8||0.6||0.8||0.7||0.6||0.3|
Tags: 15-year fixed, 30-year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury
Reported by Shirley Allen