Fixed mortgage rates edge back up

ratehouse

The average interest rate on the 30-year fixed rate mortgages (FRMs) rose slightly to 3.90 percent the week ending April 19, with an average 0.8 point, up from 3.88 percent last week.

Last year at this time, the average 30-year FRM interest rate was 4.80 percent, according to Freddie Mac’s weekly “Primary Mortgage Market Survey.”

The average rate on the 15-year FRM was 3.13 percent this week, with an average 0.7 point, up from last week’s record low average of 3.11 percent, and down from 4.02 percent a year ago.

The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.78 percent this week, with an average 0.7 point, down from 2.85 percent last week. The 5-year ARM averaged 3.61 percent a year ago.

Finally, for the week ending April 19, Freddie Mac reported the 1-year Treasury-indexed ARM at 2.81 percent this week, with an average 0.6 point, up from last week’s 2.80, but down from 3.16 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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