Average fixed mortgage rates edged higher this week as signs indicate inflation remains stable, according to Freddie Mac.
Meanwhile, the average 5-year ARM hit a new all-time low of 2.78 percent, from its previously low of 2.80 percent set the first week of February 2012.
“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,” said Frank Nothaft, vice president and chief economist, Freddie Mac.
The 15-year fixed hit a record low of 3.11 percent last week. The 30-year fixed-rate mortgage set its record low of 3.87 percent in February.
Mortgage bankers reported yesterday that a refinancing surge fueled an increase of 6.9 percent in overall mortgage applications compared to a week earlier.
Here’s an overview of mortgage rates:
- 30-year fixed-rate mortgage averaged 3.90 percent, with an average 0.8 point, for the week ending April 19, 2012, up from last week when it averaged 3.88 percent. Last year at this time, the 30-year FRM averaged 4.80 percent.
- 15-year fixed-rate mortgage averaged 3.13 percent, with an average 0.7 point, up from last week when it averaged 3.11 percent. A year ago at this time, the 15-year FRM averaged 4.02 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.78 percent, with an average 0.7 point, down from last week when it averaged 2.85 percent. A year ago, the 5-year ARM averaged 3.61 percent.
- 1-year Treasury-indexed ARM averaged 2.81 percent, with an average 0.6 point, up from last week when it averaged 2.80 percent. At this time last year, the 1-year ARM averaged 3.16 percent.