Freddie Mac: Mortgage Rates Continue to Rise in April 18th Report
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing that fixed mortgage rates rose for the third consecutive week.
Sam Khater, Freddie Mac’s chief economist, says, “After dropping dramatically in late March, mortgage rates have modestly increased since then. While this week marks the third consecutive week of rises, purchase activity reached a nine-year high – indicative of a strong spring homebuying season.”
-30-year fixed-rate mortgage (FRM) averaged 4.17 percent with an average 0.5 point for the week ending April 18, 2019, up from last week when it averaged 4.12 percent. A year ago at this time, the 30-year FRM averaged 4.47 percent.
-15-year FRM this week averaged 3.62 percent with an average 0.5 point, up from last week when it averaged 3.60 percent. A year ago at this time, the 15-year FRM averaged 3.94 percent.
-5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.78 percent with an average 0.3 point, down from last week when it averaged 3.80 percent. A year ago at this time, the 5-year ARM averaged 3.67 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. 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