Mortgage Rates Reach New Low
RISMEDIA, Friday, April 15, 2016— Mortgage rates declined slightly from the previous week to reach a new low for the year, according to results from Freddie Mac's recently released Primary Mortgage Market Survey® (PMMS®).
"Demand for Treasuries remained high this week, driving yields to their lowest point since February,” says Sean Becketti, chief economist of Freddie Mac. “In response, the 30-year mortgage rate fell 1 basis point to 3.58 percent. This rate represents yet another low for 2016 and the lowest mark since May 2013."
PMMS results show the 30-year fixed-rate mortgage (FRM) averaged 3.58 percent with an average 0.5 point for the week ending April 14, 2016, down from last week when they averaged 3.59 percent. A year ago at this time, the 30-year FRM averaged 3.67 percent.
The 15-year FRM this week averaged 2.86 percent with an average 0.5 point, down from last week when it averaged 2.88 percent. A year ago at this time, the 15-year FRM averaged 2.94 percent.
Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent this week with an average 0.4 point, up from last week when it averaged 2.82 percent. A year ago, the 5-year ARM averaged 2.88 percent.
For more information, visit www.freddiemac.com.
"Demand for Treasuries remained high this week, driving yields to their lowest point since February,” says Sean Becketti, chief economist of Freddie Mac. “In response, the 30-year mortgage rate fell 1 basis point to 3.58 percent. This rate represents yet another low for 2016 and the lowest mark since May 2013."
PMMS results show the 30-year fixed-rate mortgage (FRM) averaged 3.58 percent with an average 0.5 point for the week ending April 14, 2016, down from last week when they averaged 3.59 percent. A year ago at this time, the 30-year FRM averaged 3.67 percent.
The 15-year FRM this week averaged 2.86 percent with an average 0.5 point, down from last week when it averaged 2.88 percent. A year ago at this time, the 15-year FRM averaged 2.94 percent.
Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent this week with an average 0.4 point, up from last week when it averaged 2.82 percent. A year ago, the 5-year ARM averaged 2.88 percent.
For more information, visit www.freddiemac.com.
| I'd like to provide the most up-to-date interest rates at Prosperity Home Mortgage, LLC. This is an indication of mortgage rates at the time this document is published. Specific rates are quoted based on a borrower’s qualifying criteria, credit score, equity, property type, and any applicable state-specific requirements. I would like the opportunity to provide specific rate quotes to your clients based on their specific needs. | |||||||||||||||||||||||||||||||||||||||||||||||||
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