Freddie Mac: Mortgage Rates Inch Up in April 11th Report
Freddie Mac released the results of its Primary Mortgage Market Survey® (“PMMS®”), showing that mortgage rates rose modestly this week with the 30-year fixed-rate averaging 4.12 percent.
Sam Khater, Freddie Mac’s chief economist, says, “Rates moved up slightly this week while mortgage applications decreased following last week’s jump in rates – indicating borrower sensitivity to changing mortgage rates. Despite the recent rise, we expect mortgage rates to remain low, in line with the low 10-year treasury yields, boosting homebuyer demand in the next few months.”
- 30-year fixed-rate mortgage (“FRM”) averaged 4.12 percent with an average 0.5 point for the week ending April 11, 2019, up from last week when it averaged 4.08 percent. A year ago at this time, the 30-year FRM averaged 4.42 percent.
- 15-year FRM this week averaged 3.60 percent with an average 0.4 point, up from last week when it averaged 3.56 percent. A year ago at this time, the 15-year FRM averaged 3.87 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (“ARM”) averaged 3.80 percent with an average 0.4 point, up from last week when it averaged 3.66 percent. A year ago at this time, the 5-year ARM averaged 3.61 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 link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers.
Nicole Flores – Nicole_Flores@FreddieMac.com – (703) 903-4068
Source: Freddie Mac