Fixed-mortgage rates slipped again this past week amid data showing weaker consumer spending, Freddie Mac said in its latest Primary Mortgage Market Survey.
The 30-year, fixed-rate mortgage hit near record lows, coming in at 3.41%, down from 3.43% last week and 3.9% last year.
The 15-year, FRM also decreased to 2.64% from 2.65%, while falling from 3.13% last year.
Meanwhile, the 5-year Treasury-indexed adjustable-rate mortgage averaged 2.6%, down from 2.62% last week and down from 2.78% a year ago.
Additionally, the 1-year Treasury-index ARM rose to 2.63% this week, compared to 2.62% last week and was also down from 2.81% a year earlier.
“Mortgage rates nudged lower this week as consumer spending showed signs of weakness. Retail sales contracted for the second time in three months, falling 0.4% in March,” said Frank Nothaft, vice president and chief economist of Freddie Mac.
He added, “In addition, the University of Michigan reported their Consumer Sentiment Index dropped 6.3 points in April to settle at 72.3, its lowest level since July. The April reading snapped a streak of three consecutive gains.”
Bankrate data also show mortgage rates declining.
Bankrate’s 30-year, FRM dropped to 3.61% from 3.64% a week earlier.
In addition, the 15-year, FRM declined to 2.85%, down from 2.89% last week, while the 5/1 ARM dropped to 2.66% from 2.70%.