What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Conquering the Mortgage Lender’s Dilemmas

This webinar provides a roadmap for creating a sophisticated, digital-first cost improvement strategy to maximize profits by reducing high processing environments.

HW's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

We need higher mortgage rates to cool the housing market

2020-2024 will have the best housing market demographics and the lowest mortgage rates ever recorded, which could accelerate real home prices too quickly.

Mortgage

Mortgage rates drop in time for spring homebuying

Freddie Mac: Rates ease a bit

As the market heads into the spring homebuying season, mortgage rates moved down slightly, according to the latest Freddie Mac Primary Mortgage Market Survey.

The 30-year, fixed-rate mortgage averaged 4.34% for the week ended April 10, down from 4.41% last week, and significantly up from 3.43% a year prior.

The 15-year, FRM dropped to 3.38% from 3.47%, and is up from 2.65% in 2013.

Meanwhile, the 5-year Treasury-indexed hybrid adjustable-rate mortgage came in at 3.09 this week, a decline from 3.12% a week ago, but up from 2.62% last year.

The 1-year Treasury-indexed ARM averaged 2.41% for the week, falling from 2.45% last week and 2.62% a year prior.

“Mortgage rates eased a bit following the decline in 10-year Treasury yields. Also, the economy added 192,000 jobs in March, which was below the market consensus forecast but followed an upward revision of 22,000 jobs in February. Meanwhile, the unemployment rate held steady at 6.7 percent,” said Frank Nothaft, vice president and chief economist with Freddie Mac.

Bankrate also reported that mortgage rates erased the increases seen over the past two weeks, as the 30-year, FRM dipped to 4.47% from 4.54% last week.

In addition, the 15-year, FRM decreased to 3.52%, compared to 3.58% a week ago, while the 5/1 ARM remained unchanged at 3.34%.

"Any time there is stock market volatility and investors get nervous, that tends to be good news for mortgage rates. As investors gravitate to bonds of various types, including those backed by mortgages, it helps bring the rates that are quoted to mortgage borrowers lower. Mortgage rates are closely related to yields on long-term government bonds,” Bankrate said. 

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