Downward Movement of Mortgage Rates

The averaged fixed mortgage rates went down slightly during the week ended April 23rd and remained near their lows for 2015. This is revealed in the Primary Mortgage Market Survey of Freddie Mac.
The average rate of a 30-year fixed-rate mortgage loan declined to 3.65% from 3.67% in the week before. In the same week one year ago, it was 4.33%.

The 15-year fixed-rate mortgage also experienced an average rate decline of 0.02 percentage points. Its average interest rate went down to 2.92% from 2.94% in the previous week. During the same week a year ago, it was 3.39%.
The average rate of a 5-year hybrid adjustable-rate mortgage moved down to 2.84% from 2.88% in the week before. In the same week of 2014, the average rate on this type of home loan was 3.03%.

The 1-year hybrid adjustable-rate mortgage experienced downward rate movement as well. Its average interest rate decreased to 2.44% from 2.46% on a week-over-week basis. At this time of 2014, the average rate on this type of mortgage loan was at the same level at now – 2.44%.

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The deputy chief economist of Freddie Mac, Len Kiefer, said the decrease of the average rate of the 30-year fixed-rate mortgage to 3.65% was positive news for prospect homebuyers in the market during the spring season. He also noted that the applications for home purchase loans rose on a year-over-year basis in 60 out of the 100 markets tracked by Freddie Mac’s Multi-Indicator Market Index. 20 of these 60 markets marked double-digit increase in applications. Additionally, in March, the seasonally adjusted annual rate of existing home sales increased by 6.1% to reach 5.19 million units. This was its highest level since September 2014. Housing inventory also marked increase. It rose by 5.3% to reach 2 million homes for sale. At the same time, unsold inventory experienced small change at a 4.6 month supply.

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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