Minor Change in Mortgage Rates

The interest rates on mortgage loans experienced little movement in the week ending April 16th 2015, according to the Primary Mortgage Survey report of Freddie Mac. They remained near their lowest levels for the year so far.
The average rate on a 30-year fixed rate mortgage moved up slightly to 3.67% from 3.66% in the previous week. It remained lower compared to its level in the same week one year ago. Back them, this type of home loan average 4.27%.

The average interest rate on a 15-year fixed-rate mortgage experienced an increase of the same magnitude. It went up to 2.94% from 2.93% in the week before. At this time a year ago, it was 3.33%.

The 5-year hybrid adjustable-rate mortgage got a bigger interest rate rise on a week-to-week basis. The average rate on this type of home loan increased to 2.88% from 2.83% in the previous week. In the same week of 2014, it was 3.03%.

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The average rate on a 1-year hybrid adjustable-rate mortgage remained unchanged from the previous week. It stood at 2.64%. In the same week one year ago, it was 2.44%.

The deputy chief economist of Freddie Mac, Len Kiefer, said that the mortgage rates were little changed during a week which was light in terms of economic reports and remained low in the spring home buying season. He pointed out a few notable economic releases, however. He noted that the advance estimate of retail sales went back up in March even though the increase was slightly below the market expectations. At the same time, the Index of the National Association of Home Builders/Wells Fargo Housing Market rose by 4 point in April to reach a level of 56. According to Kiefer, this suggested that home builders were optimistic and that the housing market would continue to grow stronger throughout the year.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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