The average rate for a 30-year fixed rate mortgage during the week ending April 5 dropped to 3.98% from 3.99%, according to Freddie Mac's survey.
During the same week, the average 15-year FRM rate fell two basis points to 3.21%, the average rate for a five-year Treasury indexed hybrid loan decreased by four basis points to 2.86%, and the average rate for a one-year Treasury adjustable-rate mortgage remained at 2.78%.
Rates were little changed week-to-week due to mixed signals regarding the health of the economy, according to Freddie Mac chief economist Frank Nothaft's weekly report.
Fourth quarter growth estimates remain the strongest they have been since the second quarter of 2010, but the latest Federal Reserve minutes show the housing market remains depressed. In response, the Fed plans to support the continuation of the maturity extension program through June but it did not make any plans for new stimulus action beyond that date, noted Nothaft, who also is a Freddie Mac vice president.
Average points on mortgages during the most recent week were highest on five-year Treasury hybrids at 0.8 of a point, compared to 0.7 of a point for FRMs and 0.6 of a point for one-year Treasury ARMs.
All rates remain lower than a year ago when the 30-year rate was 4.87%, the 15-year rate was 4.1%, the five-year Treasury hybrid rate was 3.72% and the one-year Treasury ARM rate was 3.22%.
