Fixed Mortgage Rates Hold Near Record Lows
April 26, 2012
Average fixed mortgage rates were down slightly and hovering just above their record lows as markets waited for the Federal Reserve's monetary policy announcement, according to the latest Freddie Mac Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage (FRM) averaged 3.88 percent with an average 0.7 point for the week ending April 26, down from last week when it averaged 3.90 percent. Last year at this time, the 30-year FRM averaged 4.78 percent. The 30-year FRM has been below 4 percent all but one week in 2012.
Meanwhile, the 15-year FRM this week averaged 3.12 percent with an average 0.6 point, down from last week when it averaged 3.13 percent. A year ago at this time, the 15-year FRM averaged 3.97 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent this week, with an average .6 point, up from last week when it averaged 2.78 percent. A year ago, the 5-year ARM averaged 3.51 percent.
The 1-year Treasury-indexed ARM averaged 2.74 percent this week with an average 0.6 point, down from last week when it averaged 2.81 percent. At this time last year, the 1-year ARM averaged 3.15 percent.