Mortgage Rates Slip Down

The interest rates on mortgage loans declined in the week ended April 9th 2015, according to the latest Primary Mortgage Market Survey of Freddie Mac. They fell down after a week of minimal changes. This week’s downward movement of the rates occurred after the introduction of the expected jobs report for March which was weaker than previously anticipated.

The average rate of a 30-year fixed-rate mortgage dropped down to 3.66% from its level of 3.70% in the previous week. At the same time one year ago, it was 4.34%.

The 15-year fixed-rate mortgage loan experienced a smaller average rate decline on a week-over-week basis. The average interest rate on this home loan went down to 2.93% from 2.98% in the week before. In the same week a year ago, it stood at 3.38%.

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The average rate on a 5-year hybrid adjustable-rate mortgage also decreased in the week ended April 9th. It reached 2.83% down from 2.92% in the previous week. During the same week of 2014, it was 3.09%.
The average rate on a 1-year hybrid adjustable-rate home loan remained unchanged compared to a week earlier. It stood at 2.64%. In the same week one year ago, the average rate on this mortgage was 2.41%.

The deputy chief economist of Freddie Mac, Len Kiefer, commented that the drop in mortgage rates was preceded by a “disappointing” employment report. The expectations were for 247,000 new jobs to be added to the economy in March 2015. The actual number was nearly two times lower. It was 126,000. Kiefer also said that the average hourly wage rose by 7 cents in March and achieved year-over-year increase of 2.1%. At the same time, jobless claims decreased sharply to 268,000 during the week ended April 8th. The decline was greater than the expectations of 285,000.

Mailynne

Mailynne

Mailynne serves as a content strategist and writer for mortgage.info. She is ahighly task-oriented strategic planner and experienced writer. Over the past 10 years, Mailynne has managedcontent for both large corporations, non-profits and businesses. She specializes in managing digital marketing,branding and web development content. Mailynne has worked with a variety of local, national and international organizations.

Contact: mailynne@mortgage.info
Mailynne

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