Average fixed mortgage rates moved down slightly this week and remained near their 2015 lows as the spring homebuying season continues, according to Freddie Mac.
“Mortgage rates fell slightly to 3.65% this week, positive news for potential homebuyers in the market this spring,” said Len Kiefer, deputy chief economist, Freddie Mac. “Purchase applications in 60 of the 100 markets that MiMi tracks are up from the same time last year, including 20 markets that are showing double-digit increases.
“Reinforcing this positive momentum, existing home sales surged 6.1% to a seasonally adjusted annual rate of 5.19 million units in March, the highest annual rate since September 2013. Housing inventory rose 5.3% to 2 million homes for sale, but unsold inventory was little changed at a 4.6 month supply,” Kiefer said.
30-year fixed-rate mortgage averaged 3.65% with an average 0.6 point for the week ending April 23, 2015, down from last week when it averaged 3.67%. A year ago at this time, the 30-year FRM averaged 4.33%.
15-year FRM this week averaged 2.92% with an average 0.6 point, down from last week when it averaged 2.94%. A year ago at this time, the 15-year FRM averaged 3.39%.
5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.84% this week with an average 0.4 point, down from last week when it averaged 2.88%. A year ago, the 5-year ARM averaged 3.03%.
1-year Treasury-indexed ARM averaged 2.44% this week with an average 0.4 point, down from last week when it averaged 2.46%. At this time last year, the 1-year ARM averaged 2.44%.