Freddie Survey Shows Long Term Rates Steady

The average rate for 30-year fixed-rate mortgages continued to show stability in the most recent week and was even slightly lower, according to Freddie Mac's Primary Mortgage Market Survey. The average rate for the 30-year FRM during the week ended April 29 was 5.06%, down just slightly from 5.07% the previous week. A year ago the average 30-year FRM rate was 4.84%. "Mortgage rates on 30-year fixed loans have averaged about 5% over the first four months of this year, staying within a band of roughly a quarter percentage point and virtually matching 2009's annual average," said Frank Nothaft, Freddie Mac vice president and chief economist. "These low rates have been helping to moderate house price declines over the course of the year." The average 15-year FRM rate during the most recent week remained at 4.39% where it was the previous week. This was lower than a year ago when it averaged 4.51%. The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage in the most recent week was slightly lower than the previous week's 4.03% and also down more notably from 4.90% a year ago. The average one-year Treasury ARM rate was up slightly in the most recent week at 4.25%, compared to 4.22% the previous week. A year ago the average one-year Treasury ARM rate was 4.78%. Average points were 0.7 for 30- and 15-year FRMs, 0.6 for five-year Treasury hybrids and 0.5 for one-year Treasury ARMs.