“Mortgage rates were little changed amid a week of light economic reports. These lower than expected rates are welcome news with the spring home buying season underway and may even provide those who haven't already refinanced possibly a reason to take another look,” said Frank Nothaft, vice president and chief economist at Freddie Mac. “Of the few releases, advanced retail sales rose 0.1 percent in April, but below the market forecast consensus of a 0.4 percent increase. Also, the Producer Price Index for final demand rose 0.6 percent in April which followed a 0.5 percent boost from the prior month.”
The 30-year fixed-rate mortgage averaged 4.20% this week, down from last week’s average of 4.21%. Last year at this time, the 30-year FRM averaged 3.51%.
The 15-year FRM averaged 3.20% this week, down from last week’s 3.32%. Last year, the 15-year FRM averaged 2.69%.
The 5-year Treasury-indexed adjustable-rate mortgage averaged 3.01%, down from last week’s 3.05%. A year ago, the 5-year ARM averaged 2.62%.
The 1-year Treasury-indexed ARM averaged 2.43%, unchanged from last week. Last year at this time, the 1-year ARM averaged 2.55%.
Fixed rates eased slightly this week for the third week in a row, remaining at a six-month low, according to data released by Freddie Mac.