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.
“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.