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30-Year Rates Hold Steady at 3.70%

Fixed-rate mortgages fluctuated little this week, amid mostly calm economic and housing data, Freddie Mac reports in its weekly mortgage market survey.

“Mortgage rates were little changed this week, entering April about where we started the year,” says Len Kiefer, deputy chief economist at Freddie Mac.

Freddie Mac reports the following national averages for the week ending April 2:

  • 30-year fixed-rate mortgages: averaged 3.70 percent, with an average 0.6 point, rising from last week’s 3.69 percent. Last year at this time, 30-year rates averaged 4.41 percent.
  • 15-year fixed-rate mortgages: averaged 2.98 percent, with an average 0.6 point, rising from last week’s 2.97 percent average. A year ago, 15-year rates averaged 3.47 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.92 percent, with an average 0.5 point, holding the same average from last week. A year ago, 5-year ARMs averaged 3.12 percent.
  • 1-year ARMs: averaged 2.46 percent, with an average 0.4 point, also holding the same average from the prior week. A year ago, 1-year ARMs averaged 2.45 percent.

Source: Freddie Mac

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Posted by: Blair Hart on April 4, 2015