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Mortgage Rates Edge Down for Second Week

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Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates edging down for the second consecutive week following weak employment reports. The average 30-year fixed-rate mortgage at 3.43 percent this week remains near its 65-year record low and continues to provide support for the housing recovery.

The report showed that the 30-year fixed-rate mortgage (FRM) averaged 3.43 percent with an average 0.8 point for the week ending April 11, 2013, down from last week when it averaged 3.54 percent. Last year at this time, the 30-year FRM averaged 3.88 percent.

Additionally, the 15-year FRM this week averaged 2.65 percent with an average 0.7 point, down from last week when it averaged 2.74 percent. A year ago at this time, the 15-year FRM averaged 3.11 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.62 percent this week with an average 0.5 point, down from last week when it averaged 2.65 percent. A year ago, the 5-year ARM averaged 2.85 percent.

The survey concluded that the 1-year Treasury-indexed ARM averaged 2.62 percent this week with an average 0.3 point, down from last week when it averaged 2.63 percent. At this time last year, the 1-year ARM averaged 2.80 percent.

“Mortgage rates fell further this week following a lackluster employment report for March,” says Frank Nothaft, Vice President and Chief Economist, Freddie Mac.

“The economy added just 88,000 net new jobs last month, about one-third as many as February and the fewest since June 2012. In addition, approximately 496,000 people left the workforce causing the unemployment rate to fall to 7.6 percent. Further, average hourly earnings were unchanged in March, indicating income growth remains tepid.”

For more information, visit www.FreddieMac.com.

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