Weekly averages for fixed-rate mortgages declined for the third week in a row in Freddie Mac’s survey, with the 30-year dropping two basis points to 3.41% and the 15-year falling one basis point to 2.64%.
Freddie Mac chief economist Frank Northaft in his weekly rate report attributed the slight declines in fixed mortgage rates from
“Retail sales contracted for the second time in three months, falling 0.4% in March. In addition, the University of Michigan reported their Consumer Sentiment Index dropped 6.3 points in April to settle at 72.3, its lowest level since July. The April reading snapped a streak of three consecutive gains," he noted.
The average rate for five-year Treasury-indexed hybrids also declined a little in the latest week, but the rate for one-year Treasury-indexed adjustable-rate mortgages climbed slightly higher.
The average five-year Treasury hybrid rate was down two basis points at 2.6% and the average one-year Treasury ARM was up one basis point at 2.63%.
Average points in the latest week were 0.7 of a point for FRMs, 0.5 of a point for five-year Treasury hybrids and 0.4 of a point for one-year Treasury ARMs.
A year ago, average weekly rates were as follows: 3.9% for a 30-year loan, 3.13% for a 15-year loan, 2.78% for a five-year Treasury hybrid and 2.81% for a one-year Treasury ARM.
