Mortgage Rates Little Changed | North Salem Real Estate

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS^®), showing average fixed mortgage rates largely calm amid mixed economic and housing data and ahead of the Friday employment report for March.

News Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.70 percent with an average 0.6 point for the week ending April 2, 2015, up from last week when it averaged 3.69 percent. A year ago at this time, the 30-year FRM averaged 4.41 percent.
• 15-year FRM this week averaged 2.98 percent with an average 0.6 point, up from last week when it averaged 2.97 percent. A year ago at this time, the 15-year FRM averaged 3.47 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.92 percent this week with an average 0.5 point, unchanged from last week. A year ago, the 5-year ARM averaged 3.12 percent.
• 1-year Treasury-indexed ARM averaged 2.46 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.45 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Len Kiefer, deputy chief economist, Freddie Mac.

“Mortgage rates were little changed this week entering April about where we started the year. The final estimate of real GDP growth for the fourth quarter of 2014 was unchanged from the prior estimate of a 2.2 percent annualized rate. Meanwhile, the National Association of Realtors reported that pending home sales rose 3.1 percent in February, beating expectations. The pending home sales index was at the highest level since June of 2013 when 30-year fixed mortgage rates averaged 4.07 percent, 0.37 percentage points higher than this week’s survey.”