Average fixed mortgage rates were largely unchanged amid a light week of economic releases, with rates hovering near their 2015 lows.
Despite this, Mortgage applications have been largely flat this year so far.
“Mortgage rates were little changed following a light week of economic reports and remaining low at the spring homebuying season. Of the few releases, the advance estimate of retail sales rebounded 0.9% in March though slightly below market expectations,” said Len Kiefer, deputy chief economist, Freddie Mac. “Meanwhile, the National Association of Home Builders/Wells Fargo Housing Market Index jumped 4 points to 56 in April, suggesting home builders are optimistic and the housing market will continue to strengthen in 2015.”
The 30-year fixed-rate mortgage averaged 3.67% with an average 0.7 point for the week ending April 16, 2015, up from last week when it averaged 3.66%. A year ago at this time, the 30-year FRM averaged 4.27%.
The 15-year FRM this week averaged 2.94% with an average 0.5 point, up from last week when it averaged 2.93%. A year ago at this time, the 15-year FRM averaged 3.33%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.88% this week with an average 0.5 point, up from last week when it averaged 2.83%. A year ago, the 5-year ARM averaged 3.03%.
The 1-year Treasury-indexed ARM averaged 2.46% this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.44%.