Mortgage Rates Move Slightly Higher, 5-Year ARM Hits Record Low

April 19, 2012 (Shirley Allen)

Fixed mortgage rates moved slightly higher this week but the 5-year adjustable rate mortgage hit a new all-time record low according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending April 19th.

Fixed Rate Mortgages:

Interest rates on fixed rate mortgages edged slightly higher this week with the 30-year fixed rate averaging 3.90 percent with an average of 0.8 points, up from an average of 3.88 percent last week. A year ago, the 30-year fixed rate mortgage averaged 4.80 percent.

The 15-year fixed rate mortgage was also higher, averaging 3.13 percent with an average of 0.7 points, up from last week’s record low average of 3.11 percent. At this time last year, the 15-year fixed rate mortgage averaged 4.02 percent.

Adjustable Rate Mortgages:

Interest rates for adjustable mortgages were mixed last week with the 5-year Treasury-indexed hybrid ARM averaging a new record low of 2.78 percent, down from last week’s average of 2.85 percent, with an average of 0.7 points. The 5-year adjustable rate mortgage averaged 3.61 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage averaged 2.81 percent with an average of 0.6 points, up from last week’s average of 2.80 percent. A year ago, the 1-year adjustable rate mortgage averaged 3.16 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Fixed mortgage rates held relatively stable this week amid signs that inflation remains in check. Industrial production was flat in March, a reading below the market consensus forecast. Meanwhile, both headline inflation gauges (the consumer and producer price indexes) for March were in line with market expectations.”

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.88 3.88 3.91 3.89 3.90 3.85
Fees & Points 0.7 0.8 0.8 0.6 0.8 0.8

15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.11 3.12 3.14 3.09 3.18 3.07
Fees & Points 0.7 0.7 0.8 0.6 0.8 0.8

5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.85 2.83 2.86 3.10 2.75 2.75
Fees & Points 0.7 0.8 0.7 0.5 0.9 0.7
Margin 2.74 2.74 2.75 2.72 2.76 2.74

1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.80 2.89 2.61 3.14 2.66 2.64
Fees & Points 0.6 0.7 0.6 0.4 0.6 0.5
Margin 2.76 2.79 2.75 2.72 2.77 2.75

The National Mortgage Rate Snapshot One Year Ago One Week Ago
  30-YR 15-YR 5/1-YR 1-YR ARM 30-YR 15-YR 5/1-YR 1-YR ARM
Average 4.91   4.13   3.78   3.25   3.98   3.21   2.86   2.78  
Fees & Points 0.6   0.7   0.6   0.6   0.7   0.7   0.8   0.6  
Margin N/A N/A 2.74   2.76   N/A N/A 2.74   2.76  

Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury

Source:
Freddie Mac