Fixed mortgage rates remain near record lows

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The average interest rate on 30-year fixed rate mortgages (FRMs) was 3.88 percent the week ending April 26, with an average 0.7 point, down from 3.90 percent last week.

Last year at this time, the average 30-year FRM interest rate was 4.78 percent, according to Freddie Mac’s weekly “Primary Mortgage Market Survey.”

The average rate on the 15-year FRM was 3.12 percent this week, with an average 0.6 point. It was down from last week’s average 3.13 percent rate, and down from 3.97 percent a year ago.

“Fixed mortgage rates held near record lows this week as the markets waited for the Federal Reserve’s April 25th monetary policy announcement following two days of deliberations. The Fed stated that it expects economic growth to remain moderate and then pick up gradually,” says Frank Nothaft, vice president and chief economist of Freddie Mac.

The 5-year Treasury-indexed hybrid adjustable rate (ARM) averaged 2.85 percent this week, with an average 0.6 point, up from 2.78 percent last week. The 5-year ARM averaged 3.51 percent a year ago.

Finally, for the week ending April 26, Freddie Mac reported the 1-year Treasury-indexed ARM at 2.74 percent this week, with an average 0.6 point, down from last week’s 2.81, and down from 3.15 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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