15-year fixed-rate falls to record low


The average interest rate on the 30-year fixed rate mortgages (FRMs) was 3.88 percent the week ending April 12, with an average 0.7 point, down from 3.98 percent last week and a notch off the 3.87 percent record low.

Last year at this time, the average 30-year FRM interest rate was 4.91 percent, according to Freddie Mac’s weekly “Primary Mortgage Market Survey.”

The average rate on the 15-year FRM was 3.11 percent this week, a record low, with an average 0.7 point. It was down from last week’s average 3.21 percent rate, and down from 4.13 percent a year ago.

“Fixed mortgage rates eased for the third consecutive week following long-term Treasury bond yields lower after a weaker than expected employment report for March,” says Frank Nothaft, vice president and chief economist of Freddie Mac.

The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.85 percent this week, with an average 0.7 point, down from 2.86 percent last week. The 5-year ARM averaged 3.78 percent a year ago.

Finally, for the week ending April 12, Freddie Mac reported the 1-year Treasury-indexed ARM at 2.80 percent this week, with an average 0.6 point, up from last week’s 2.78, but down from 3.25 percent a year ago.

About the author

DeadlineNews.Com's Interest Rate Writer Corbin Perkins is an intern from Leigh High School. Contact him at CorbinPerkins@DeadlineNews.Com.

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