Fixed Rates Move Up Slightly But Remain Below the Four Percent Mark

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.90 percent with an average 0.8 point for the week ending April 19, 2012, up from last week when it averaged 3.88 percent. Last year at this time, the 30-year FRM nearly hit the five percent mark, averaging 4.80 percent. The 15-year FRM averaged 3.13 percent for the week, with an average 0.7 point, up from last week when it averaged 3.11 percent. A year ago at this time, the 15-year FRM averaged 4.02 percent. "Fixed mortgage rates held relatively stable this week amid signs that inflation remains in check," said Frank Nothaft, vice president and chief economist for Freddie Mac. "Industrial production was flat in March, a reading below the market consensus forecast. Meanwhile, both headline inflation gauges (the consumer and producer price indexes) for March were in line with market expectations." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.78 percent this week, with an average 0.7 point, down from last week when it averaged 2.85 percent. A year ago, the five-year ARM averaged 3.61 percent. The one-year Treasury-indexed ARM averaged 2.81 percent this week with an average 0.6 point, up from last week when it averaged 2.80 percent. At this time last year, the one-year ARM averaged 3.16 percent.