The average primary market rate for a 30-year fixed-rate loan during the week ending April 26 inched down two basis points to 3.88%, according to Freddie Mac's latest survey.
The long-term rate-indicative 10-year Treasury during the period vacillated between 2% and just above 1.9%. At deadline Thursday, the 10-year yield was at 1.95%.
Freddie’s survey indicated the average 15-year mortgage rate dropped a basis point to 3.12% during the week, the five-year hybrid Treasury-indexed mortgage climbed seven basis points to 2.85%, and the average rate for a one-year Treasury adjustable-rate mortgage fell seven basis points to 2.74%.
A year ago, the 30-year rate averaged 4.78%, the 15-year rate averaged 3.97%, the five-year Treasury hybrid averaged 3.51% and the one-year Treasury ARM averaged 3.15%.
During the most recent week, the 30-year averaged 0.7 of a point during the period, while the three other types of mortgages tracked by the survey averaged 0.6 of a point.
In other rate-related news, the Federal Housing Finance Agency Thursday provided the monthly update of its national average contract mortgage rate for the purchase of previously occupied loans. The long-running series that was adjusted to reflect unweighted rather than weighted numbers in March.
The latest FHFA report shows, among other things, that the national average contract rate was 3.9% based on loans closed in March. Also in one data point in the report some consider unique, it found that initial fees and charges were 0.93% of the loan balance during that month.
The FHFA report tends to track Freddie’s survey closely but reflects actual loan closings rather than commitments.
