FOR THIRD WEEK, MORTGAGE RATES SINK LOWER
Article by: Daily Real Estate News (April 19, 2013)
Average fixed-rate mortgages moved lower this week amid data showing weaker consumer spending, Freddie Mac reports in its weekly mortgage survey. It marked the third-consecutive week that mortgage rates went down.
Freddie Mac reports the following national averages in rates for the week ending April 18:
- 30-year fixed-rate mortgages: averaged 3.41 percent, with an average 0.7 point, dropping from last week’s 3.43 percent average. A year ago at this time, 30-year rates averaged 3.90 percent.
- 15-year fixed-rate mortgages: averaged 2.64 percent, with an average 0.7 point, dropping from last week’s 2.65 percent average. Last year at this time, 15-year rates averaged 3.13 percent.
- 5-year adjustable-rate mortgages: averaged 2.60 percent, with an average 0.5, dropping from last week’s 2.62 percent average. Last year at this time, 5-year ARMs averaged 2.78 percent.
- 1-year ARMs: averaged 2.63 percent, with an average 0.4 point, rising slightly from last week’s 2.62 percent average. A year ago at this time, 1-year ARMs averaged 2.81 percent.
Source: Freddie Mac; Daily Real Estate News (041913) | Blog, In The News, distribution provided Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee