Mortgage Rates Seen Easing in Most Recent Week

The average rate for a 30-year fixed rate mortgage during the week ended April 15 fell back to 5.07% from 5.21% the previous week. "After rising for four consecutive weeks, mortgage rates eased back to where they were two weeks ago and still remain historically low," said Frank Nothaft, Freddie Mac vice president and chief economist. The average weekly 30-year rate was 4.82% a year ago. The 15-year FRM in the most recent week averaged 4.40%, down from the previous week when it averaged 4.52%. A year ago at this time, the 15-year FRM averaged 4.48%. The five-year Treasury-indexed hybrid adjustable-rate mortgage in the most recent week averaged 4.08%, down from the preview week when it averaged 4.25%. A year ago, the five-year ARM averaged 4.88%. The one-year Treasury ARM in the most recent week averaged 4.13%, down from the previous week when it averaged 4.14%. At this time last year, the one-year ARM averaged 4.91%. Average points were 0.7 for 15-year FRMs, 0.6 for 30-year FRMs and five-year Treasury hybrids and 0.5 for one-year Treasury ARMs.