The 30-year fixed-rate mortgage averaged 3.59% for the week ending April 21, up from last week’s when they averaged 3.58%. A year ago at this time, the 30-year FRM averaged 3.65%.
In addition, the 15-year FRM this week came in at 2.85%, down from last week when it averaged 2.86%. In 2015, the 15-year FRM averaged 2.92%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.81% this week, falling from 2.84% a week prior. A year ago, the 5-year ARM averaged 2.84%.
“Volatility in financial markets subsided over the past week, allowing Treasury yields to stabilize. As a result, the 30-year mortgage rate was mostly flat, up only 1 basis point to 3.59%,” said Sean Becketti, chief economist, Freddie Mac.
“The release of March’s existing-home sales report, which shows monthly growth at 5.1%, suggests homebuyers are taking advantage of low mortgage rates as the spring homebuying season gets underway,” Becketti added.
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