Fixed-Rates Rise Slightly as Spring Homebuying Season Gets Underway

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates largely calm amid mixed economic and housing data and ahead of the Friday employment report for March. The 30-year fixed-rate mortgage (FRM) averaged 3.70 percent with an average 0.6 point for the week ending April 2, 2015, up from last week when it averaged 3.69 percent. A year ago at this time, the 30-year FRM averaged 4.41 percent. Also this week, the 15-year FRM averaged 2.98 percent with an average 0.6 point, up from last week when it averaged 2.97 percent. A year ago at this time, the 15-year FRM averaged 3.47 percent. 

"Mortgage rates were little changed this week entering April about where we started the year," said Len Kiefer, deputy chief economist of Freddie Mac. "The final estimate of real GDP growth for the fourth quarter of 2014 was unchanged from the prior estimate of a 2.2 percent annualized rate. Meanwhile, the National Association of Realtors reported that pending home salesrose 3.1 percent in February, beating expectations. The pending home sales index was at the highest level since June of 2013 when 30-year fixed mortgage rates averaged 4.07 percent, 0.37 percentage points higher than this week's survey."

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.92 percent this week with an average 0.5 point, unchanged from last week. A year ago, the five-year ARM averaged 3.12 percent. Also this week, the one-year Treasury-indexed ARM averaged 2.46 percent, with an average 0.4 point, unchanged from last week. At this time last year, the one-year ARM averaged 2.45 percent.