Manufacturing Industry Slows While Rates Dip to 3.54 Percent

Freddie Mac released the results of its Primary Mortgage Market Survey, showing the 30-year fixed-rate mortgage (FRM) averaging 3.54 percent with an average 0.8 point for the week ending April 4, 2013, down from last week when it averaged 3.57 percent. Last year at this time, the 30-year FRM averaged 3.98 percent. The 15-year FRM this week averaged 2.74 percent with an average 0.7 point, down from last week when it averaged 2.76 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent. "Fixed mortgage rates dipped slightly while the manufacturing industry showed signs of slowing. Regionally, both the Chicago and Milwaukee purchasing manager reports for March fell below the market consensus forecast,” said Frank Nothaft, vice president and chief economist, Freddie Mac. “On a national scale, both the ISM manufacturing and non-manufacturing indexes also showed reductions in growth." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.65 percent this week with an average 0.5 point, down from last week when it averaged 2.68 percent. A year ago, the five-year ARM averaged 2.86 percent. The one-year Treasury-indexed ARM averaged 2.63 percent this week with an average 0.4 point, up from last week when it averaged 2.62 percent. At this time last year, the one-year ARM averaged 2.78 percent.