Mortgage Rates Drop Slightly This Week
The 30-year fixed-rate mortgage, the most popular choice among home buyers, stayed below 4 percent this week, keeping home affordability at record highs.
“Average weekly mortgage rates were little changed this week amid mixed signals on the health of the economy,” says Frank Nothaft, Freddie Mac’s chief economist.
Here’s a closer look at mortgage rates for the week ending April 5, according to Freddie Mac’s weekly mortgage market survey.
- 30-year fixed-rate mortgages: averaged 3.98 percent, with an average 0.7 point, dropping slightly from last week’s 3.99 percent average. A year ago at this time, 30-year rates averaged 4.87 percent.
- 15-year fixed-rate mortgages: averaged 3.21 percent, with an average 0.7 point, dropping from last week’s 3.23 percent average. Last year at this time, 15-year mortgages averaged 4.10 percent.
- 5-year adjustable-rate mortgages: averaged 2.86 percent, with an average 0.8 point, falling from last week’s 2.90 percent average. Last year at this time, 5-year ARMs averaged 3.72 percent.
- 1-year ARMs: averaged 2.78 percent, with an average 0.6 point, holding steady at last week’s average. A year ago at this time, 1-year ARMs averaged 3.22 percent.