Mortgage Rates Back Down This Week
MORTGAGE RATES BACK DOWN THIS WEEK
Article by: Daily Real Estate News (April 05, 2013)
Average fixed-rate mortgages dropped this week, as the 30-year fixed-rate mortgage has hovered around 3.5 percent for the past two months, Freddie Mac reports in its weekly mortgage market survey.
Freddie Mac reports the following national averages for mortgage rates for the week ending April 4:
- 30-year fixed-rate mortgages: averaged 3.54 percent, with an average 0.8 point, dropping from last week’s 3.57 percent average. A year ago at this time, 30-year rates averaged 3.98 percent.
- 15-year fixed-rate mortgages: averaged 2.74 percent, with an average 0.7 point, dropping from last week’s 2.76 percent average. Last year at this time, 15-year rates averaged 3.21 percent.
- 5-year adjustable-rate mortgages: averaged 2.65 percent, with an average 0.5 point, falling from last week’s 2.68 percent average. Last year at this time, 5-year ARMs averaged 2.86 percent.
- 1-year ARMs: averaged 2.63 percent, with an average 0.4 point, rising from last week’s 2.62 percent average. A year ago, 1-year ARMs averaged 2.78 percent.
Source: Freddie Mac; Daily Real Estate News (April 5, 2013) | Blog, In The News, distributed by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee