April Mortgage Rate Update
Freddie Mac’s results of its Primary Mortgage Market Survey® shows that “Mortgage rates have stabilized over the last few weeks as the market searches for direction in the fog of economic data. While financial markets initially rallied on the news of Federal Reserve support and are improving due to the Senate’s passage of a new small business stimulus, we continue to see a deep economic contraction amidst uncertainty about the recovery formation.”
- 30-year fixed-rate mortgage (FRM) averaged 3.33 percent with an average 0.7 points for the week ending April 23, 2020, down from last month when it averaged 3.5 percent. A year ago, at this time, the 30-year FRM averaged 4.20 percent.
- 15-year FRM this week averaged 2.86 percent with an average 0.7 points, down from last month when it also averaged 2.92 percent. A year ago, at this time, the 15-year FRM averaged 3.64 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.28 percent this week with an average 0.3 points, down from last month when it averaged 3.34 percent. A year ago, at this time, the 5-year ARM averaged 3.77 percent.