Mortgage Rates and Credit Availability Down – NMP
Industry News

Mortgage Rates and Credit Availability Down

Apr 05, 2018
Average mortgage rates fell for a second consecutive week, according to Freddie Mac’s latest Primary Mortgage Market Survey (PMMS)

Average mortgage rates fell for a second consecutive week, according to Freddie Mac’s latest Primary Mortgage Market Survey (PMMS).
 
The 30-year fixed-rate mortgage (FRM) averaged 4.40 percent for the week ending April 5, down from last week when it averaged 4.44 percent. The 15-year FRM this week averaged 3.87 percent, down from last week when it averaged 3.90 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.62 percent this week, down from last week when it averaged 3.66.
Average mortgage rates fell for a second consecutive week, according to Freddie Mac’s latest Primary Mortgage Market Survey (PMMS)
 
Separately, the latest Mortgage Credit Availability Index (MCAI) data released by the Mortgage Bankers Association (MBA) found the MCAI down by 1.5 percent to 177.9 in March. All four components of the index saw a decline: The Government MCAI (down 2.1 percent), the Conventional MCAI (down 0.8 percent), the Conforming MCAI (down 0.8 percent) and the Jumbo MCAI (down 0.7 percent).
Separately, the latest Mortgage Credit Availability Index (MCAI) data released by the Mortgage Bankers Association (MBA) found the MCAI down by 1.5 percent to 177.9 in March
 
Nonetheless, mortgages are being originated, especially for Millennials. New data from Ellie Mae determined that 83 percent of mortgages made to Millennial borrowers in February were for new home purchases, up two percentage points from January, but three percent lower than one year earlier. Sixty-eight percent of the home loans made to Millennials in February were conventional, the highest percentage since Ellie Mae began tracking these trends in 2016, while FHA loans remained flat with the prior month’s level of 28 percent, a two-year low.
 
“According to the U.S. Census, Millennials are now officially the largest group of homebuyers in the U.S.,” said Joe Tyrrell, Executive Vice President of Corporate Strategy for Ellie Mae. “Despite rising interest rates, we’re continuing to see Millennials exercise their purchase power across the United States as they represent 45 percent of total closed purchase loans in February. And with the spring homebuying season now underway, we’ll see if the activity increases for this growing group of homebuyers.”
 
About the author
Phil Hall
Link copied
Published
Apr 05, 2018
Get the NMP Daily
Home Equity
Aven, Forest River Bring HELOC Financing To RV Dealerships

New co-branded home equity product puts HELOC financing at the point of sale as lenders compete for homeowners’ equity

Aven and recreational vehicle manufacturer Forest River have launched a co-branded home equity line of credit that puts HELOC financing directly into participating RV and marine dealerships, giving qualified homeowners another way to finance a major purchase without first ap...

Continue reading
C-Suite Strategies
Eleven Mortgage Exits Wholesale With Loans Still In The Pipeline

Benchmark Mortgage is shifting its resources to retail after closing Eleven’s wholesale and correspondent operation, while brokers face questions over loans already underway

Eleven Mortgage has exited wholesale and correspondent lending effective immediately, ending an eight-year run in the third-party origination market, and leaving mortgage brokers with loans already in its pipeline facing a compressed path to closing.Benchmark Mortgage confir...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
CHLA: More Freddie Mac MBS Buying Could Narrow Mortgage Spreads

Trade group estimates greater Freddie participation could compress spreads another 10 to 12 basis points as Fannie has taken the lead in GSE mortgage-bond buying

Industry News
Sep 23, 2026
Early Loan-Limit Race Splits Into Three Tiers

Lenders are now offering $845,000, $847,440, or $850,000 before FHFA sets the official 2027 limits

Industry News
Sep 23, 2026
Better, Garg Clash Over Claimed 46% Shareholder Support

Better disputes its former CEO’s preliminary consent count as the two sides trade accusations and an Oct. 2 target date approaches

C-Suite Strategies
Sep 23, 2026
Fannie Changes How Rent From A Former Home Counts

Fannie now prohibits leases for departing residences and permits market-analysis tools instead of Form 1007, creating a key documentation difference from Freddie Mac

Regulation and Compliance
Sep 22, 2026
MPF Expands Eligibility For Manufactured And Renovation Loans

The Mortgage Partnership Finance Program has expanded MPF Traditional eligibility for affordable loans, manufactured homes, renovations, and lender-funded assistance

Industry News
Sep 22, 2026