Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), which shows the 30-year fixed-rate mortgage (FRM) inching upward for the third consecutive week to 4.87 percent, but well below its average of 5.21 percent a year ago, the highest it had been since August 13, 2009. Last week, the FRM averaged 4.86 percent, seeing only a slight 0.01 percent jump this week. The 15-year FRM averaged 4.10 percent this with an average 0.7 point, up from last week when it averaged 4.09 percent. A year ago at this time, the 15-year FRM averaged 4.52 percent.
"Mortgage rates were little changed after an encouraging employment report from the Bureau of Labor Statistics," said Frank Nothaft, vice president and chief economist for Freddie Mac. "The economy added 216,000 jobs in March and the unemployment rate fell for the fifth consecutive month to 8.8 percent marking the lowest rate in two years. Additionally, the private sector has gained 560,000 workers in the first quarter of this year, which represents the largest quarterly increase since the first quarter of 2006."
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.72 percent this week, with an average 0.6 point, up from last week when it averaged 3.70 percent. A year ago, the five-year ARM averaged 4.25 percent. The one-year Treasury-indexed ARM averaged 3.22 percent this week with an average 0.7 point, down from last week when it averaged 3.26 percent. At this time last year, the one-year ARM averaged 4.14 percent.