30-Year Mortgage Rate Nudges Closer to Record Low

30-Year Mortgage Rate Nudges Closer to Record LowAverage fixed mortgage rates moved a bit closer to all-time lows this week as new reports showed weaker consumer spending, Freddie Mac said.
This is the third consecutive week that fixed rates on mortgages have moved lower as the housing market continues on a moderate-to-strong recovery in many U.S. communities.
The 30-year fixed-rate mortgage now stands at 3.41 percent, just 10 basis points away from its record low of 3.31 percent, first set in November.
Lackluster or weak consumer-driven data kept pressure on interest rates.
Retail sales contracted for the second time in three months, falling 0.4 percent in Marc.
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.
Here’s the rundown on mortgage rates from Freddie Mac:
30-year fixed-rate mortgage averaged 3.41 percent, with an average 0.7 point, for the week ending April 18, 2013, down from last week when it averaged 3.43 percent. Last year at this time, the 30-year FRM averaged 3.90 percent.
15-year fixed rate averaged 2.64 percent, with an average 0.7 point, down from last week when it averaged 2.65 percent. A year ago at this time, the 15-year fixed rate averaged 3.13 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.60 percent, with an average 0.5 point, down from last week when it averaged 2.62 percent. A year ago, the 5-year ARM averaged 2.78 percent.
1-year Treasury-indexed ARM averaged 2.63 percent, with an average 0.4 point, up from last week when it averaged 2.62 percent. At this time last year, the 1-year ARM averaged 2.81 percent.
30-Year Fixed Mortgage Rate Nudges Closer to Record Low

Leave a Reply

Your email address will not be published. Required fields are marked *