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Fixed Mortgage Rates Edge Slightly Higher

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Freddie Mac (OTC: FMCC) has released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates holding relatively stable this week amid signs that inflation remains in check with the 30-year fixed up slightly at 3.90 percent and 15-year fixed at 3.13 percent.

Meanwhile, the average 5-year ARM hit a new all-time low of 2.78 percent, from its previously low of 2.80 percent set the first week of February, 2012.

Results showcased that the 30-year fixed-rate mortgage (FRM) averaged 3.90 percent with an average 0.8 point for the week ending April 19, 2012, up from last week when it averaged 3.88 percent. Last year at this time, the 30-year FRM averaged 4.80 percent.

The 15-year FRM this week averaged 3.13 percent with an average 0.7 point, up from last week when it averaged 3.11 percent. A year ago at this time, the 15-year FRM averaged 4.02 percent.

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

The 1-year Treasury-indexed ARM averaged 2.81 percent this week with an average 0.6 point, up from last week when it averaged 2.80 percent. At this time last year, the 1-year ARM averaged 3.16 percent.

“Fixed mortgage rates held relatively stable this week amid signs that inflation remains in check,” says Frank Nothaft, vice president and chief economist, Freddie Mac.

“Industrial production was flat in March, a reading below the market consensus forecast. Meanwhile, both headline inflation gauges (the consumer and producer price indexes) for March were in line with market expectations.”

For more information, visit www.freddiemac.com.

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