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Little Movement in Mortgage Rates

Apr 21, 2016
Mortgage rates remained mostly stagnant this week, according to the latest Freddie Mac Primary Mortgage Market Survey (PMMS)

Mortgage rates remained mostly stagnant this week, according to the latest Freddie Mac Primary Mortgage Market Survey (PMMS).

The 30-year fixed-rate mortgage (FRM) averaged 3.59 percent for the week ending April 21, barely higher than last week’s 3.58 percent average. The 15-year FRM this week averaged 2.85 percent, slightly down from last week when it averaged 2.86 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.81 percent this week, down from last week when it averaged 2.84 percent.

“Volatility in financial markets subsided over the past week, allowing Treasury yields to stabilize,” said Sean Becketti, chief economist at Freddie Mac. “As a result, the 30-year mortgage rate was mostly flat, up only one basis point to 3.59 percent. The release of March's existing-home sales report, which shows monthly growth at 5.1 percent, suggests homebuyers are taking advantage of low mortgage rates as the spring homebuying season gets underway."

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