Freddie Mac: Mortgage Rates Move Lower in April 15th Report
Freddie Mac released the results of its Primary Mortgage Market Survey (“PMMS”), showing that the 30-year fixed-rate mortgage (“FRM”) averaged 3.04 percent.
“Mortgage rates took another dip this week as the 30-year fixed-rate mortgage decreased by almost ten basis points, week over week,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy is improving on the demand side and on the supply side, a variety of goods and materials remain scarce. As a result of this imbalance, pricing pressures are building and causing inflation to rise. Despite the pause in mortgage rates recently, we expect them to increase modestly for the remainder of this year.”
– 30-year fixed-rate mortgage averaged 3.04 percent with an average 0.7 point for the week ending April 15, 2021, down from last week when it averaged 3.13 percent. A year ago at this time, the 30-year FRM averaged 3.31 percent.
– 15-year fixed-rate mortgage averaged 2.35 percent with an average 0.7 point, down from last week when it averaged 2.42 percent. A year ago at this time, the 15-year FRM averaged 2.80 percent.
– 5-year Treasury-indexed hybrid adjustable-rate mortgage (“ARM”) averaged 2.80 percent with an average 0.4 point, down from last week when it averaged 2.92 percent. A year ago at this time, the 5-year ARM averaged 3.34 percent.
The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. 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. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
Angela Waugaman – Angela_Waugaman@FreddieMac.com – (703) 714-0644
Source: Freddie Mac