15-Year Rates Lowest on Record This Week
According to Freddie Mac’s weekly mortgage market survey, the top choice of refinancers, the 15-year fixed-rate mortgage loan, reached a new record low of 3.11 percent this week. Along with this, the 30-year fixed-rate mortgage, top choice of buyers, also dipped lower, almost reaching its record low.
"Fixed mortgage rates eased for the third consecutive week following long-term Treasury bond yields lower after a weaker than expected employment report for March,” Freddie Mac’s Chief Economist Frank Nothaft says.
The following is a summary of rates for the week ending April 12:
•30-year fixed-rate mortgages: averaged 3.88 percent, with an average 0.7 point, a slight dip from last week’s 3.98 percent average. A year ago at this time, 30-year rates were at an average of 4.91 percent.
•15-year fixed-rate mortgages: averaged a record low 3.11 percent, with an average 0.7 point, falling from last week’s 3.21 percent average. The 15-year mortgage rate’s prior record low was 3.13 percent, which was set on March 8 of 2012. At this time a year ago 15-year rates averaged 4.13 percent.
•5-year adjustable-rate mortgages: averaged 2.85 percent this week, with an average 0.7 point, also decreasing from last week, when it averaged 2.86 percent. At the same time a year ago, 5-year ARMs averaged 3.78 percent.
•1-year ARMs: averaged 2.80 percent this week, with an average 0.6 point, increasing from last week’s 2.78 percent average. Last year at this time, 1-year ARMs averaged 3.25 percent.
To learn about how you can refinance your home, please visit: http://californiamortgagedirect.com/refinance
For the Freddie survey, please go to: http://www.freddiemac.com/pmms/release.html