The average rate for a 30-year fixed-rate mortgage fell again, but more steeply than before, in Freddie Mac’s latest survey.
The 30-year FRM rate dropped by 11 basis points to 3.43% during the week ending April 11, after dropping just three basis points during
"Mortgage rates fell further this week following a lackluster employment report for March,” said Frank Nothaft, vice president and chief economist, Freddie Mac, in a press release.
The average rate for the 15-year FRM was nine basis points lower at 2.65%, the average rate for a five-year Treasury-indexed hybrid was three basis points lower at 2.62%, and the average rate for a one-year Treasury adjustable-rate mortgage dropped one basis point, matching the average hybrid rate at 2.62%
Average points were lowest for one-year Treasury ARMs at 0.3 of a point. Five-year Treasury hybrids averaged 0.5 of a point, 15-year FRMs averaged 0.7 of a point, and 30-year FRMs averaged 0.8 of a point.
A year ago, the 30-year FRM rate averaged 3.88%, the 15-year FRM rate averaged 3.11%, the five-year Treasury hybrid rate averaged 2.85% and the one-year Treasury ARM rate averaged 2.8%.
