Mortgage Rates Continue Downward Trend, Hit 4.27 Percent for the Week

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates easing further for the second consecutive week helping to increase homebuyer affordability at the onset of the spring home buying season. For the week ending April 17, the 30-year fixed-rate mortgage (FRM) averaged 4.27 percent with an average 0.7 point, down from last week when it averaged 4.34 percent. A year ago at this time, the 30-year FRM averaged 3.41 percent. Also this week, the 15-year FRM averaged 3.33 percent with an average 0.6 point, down from last week when it averaged 3.38 percent. A year ago at this time, the 15-year FRM averaged 2.64 percent.  "Mortgage rates continued to ease this week as housing starts rose 2.8 percent in March, but not as much as expected," said Frank Nothaft, vice president and chief economist, Freddie Mac. "Also, permits fell 2.4 percent in March to a seasonally adjusted annual rate of 990,000, which followed a slight downward revision of 4,000 permits in February." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.03 percent this week with an average 0.5 point, down from last week when it averaged 3.09 percent. A year ago, the five-year ARM averaged 2.60 percent. The one-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.5 point, up from last week when it averaged 2.41 percent. At this time last year, the one-year ARM averaged 2.63 percent.