Fixed-Rates Rise 0.7 Percent Over Last Week

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates moving largely unchanged amid a light week of economic releases and remaining near their 2015 lows. The 30-year fixed-rate mortgage (FRM) averaged 3.67 percent with an average 0.7 point for the week ending April 16, 2015, up from last week when it averaged 3.66 percent. A year ago at this time, the 30-year FRM averaged 4.27 percent. The 15-year FRM this week averaged 2.94 percent with an average 0.5 point, up from last week when it averaged 2.93 percent. A year ago at this time, the 15-year FRM averaged 3.33 percent. 

"Mortgage rates were little changed following a light week of economic reports and remaining low at the spring homebuying season," said Len Kiefer, deputy chief economist, Freddie Mac. "Of the few releases, the advance estimate of retail sales rebounded 0.9 percent in March though slightly below market expectations. Meanwhile, the National Association of Home Builders/Wells Fargo Housing Market Index jumped 4 points to 56 in April, suggesting home builders are optimistic and the housing market will continue to strengthen in 2015."

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.88 percent this week with an average 0.5 point, up from last week when it averaged 2.83 percent. A year ago, the five-year ARM averaged 3.03 percent. The one-year Treasury-indexed ARM averaged 2.46 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the one-year ARM averaged 2.44 percent.