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Mortgage Rates Drop Yet Again

NationalMortgageProfessional.com
Apr 02, 2020
Photo credit: Getty Images/claffra

Freddie Mac has announced that the 30-year fixed-rate mortgage (FRM) averaged 3.33 percent with an average 0.7 point for the week ending April 2, 2020, down from last week when it averaged 3.50 percent. A year ago at this time, the 30-year FRM averaged 4.08 percent.
 
COVID-19 fears have slowed down U.S. homebuyers as two weeks ago, mortgage apps took a 30 percent dive as the COVID-19 pandemic began to grip the nation. This week, there was a slight uptick as mortgage applications increased 15.3 percent over the previous week. Low rates continue to drive refinance activity, as 75.9 percent of total applications were from refinanced mortgages.
 
“Mortgage rates have drifted down for two weeks in a row and that drop reflects improvements in market liquidity and sentiment,” said Sam Khater, Freddie Mac’s chief economist. “While the market has stabilized relative to prior weeks, homebuyer demand has declined in response to current economic conditions. The good news is that the pending economic stimulus is on the way and will provide support for both consumers and businesses.”
 
Freddie Mac’s Primary Mortgage Market Survey (PMMS) also showed that the 15-year fixed-rate mortgage averaged 2.82 percent, with an average 0.6 point, down from last week when it averaged 2.92 percent. A year ago at this time, the 15-year FRM averaged 3.56 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.40 percent with an average 0.3 point, up from last week when it averaged 3.34 percent. A year ago at this time, the five-year ARM averaged 3.66 percent.
Freddie Mac has announced that the 30-year fixed-rate mortgage (FRM) averaged 3.33 percent with an average 0.7 point for the week ending April 2, 2020


 
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