Mixed Housing Reports Drive Fixed-Rates Slightly Upward

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing the average fixed-rate mortgages (FRMs) slightly higher amid mixed housing and economic reports. This week, the 30-year FRM averaged 3.68 percent with an average 0.6 point for the week ending April 30, 2015, up from last week when it averaged 3.65 percent. A year ago at this time, the 30-year FRM averaged 4.29 percent. The 15-year FRM this week averaged 2.94 percent with an average 0.6 point, up from last week when it averaged 2.92 percent. A year ago at this time, the 15-year FRM averaged 3.38 percent. 

"Mortgage rates were up slightly following a week of mixed economic releases," said Len Kiefer, deputy chief economist, Freddie Mac. "Real GDP grew at a paltry 0.2 percent annualized rate in the first quarter of 2015, well below expectations. However, the National Association of Realtors' pending home sales index rose 1.1 percent in March for the third consecutive month. The S&P/Case-Shiller National House Price Index also rose 5.0 percent in February on a yearly basis."

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent this week with an average 0.5 point, up from last week when it averaged 2.84 percent. A year ago, the five-year ARM averaged 3.05 percent. The one-year Treasury-indexed ARM averaged 2.49 percent this week with an average 0.4 point, up from last week when it averaged 2.44 percent. At this time last year, the one-year ARM averaged 2.45 percent.