“Mortgage rates fell slightly to 3.65% this week, positive news for potential homebuyers in the market this spring,” said Len Keifer, deputy chief economist for Freddie Mac. “Purchase applications in 60 of the 100 markets that MiMi tracks are up from the same time last year, including 20 markets that are showing double-digit increases. Reinforcing this positive momentum, existing home sales surged 6.1% to a seasonally adjusted annual rate of 5.19 million units in March, the highest annual rate since September 2013. Housing inventory rose 5.3 percent to 2 million homes for sale, but unsold inventory was little changed at a 4.6 month supply.”
The 30-year fixed-rate mortgage averaged 3.65% this week, down from last week’s average of 3.67%. Last year at this time, the 30-year FRM averaged 4.33%.
The 15-year FRM averaged 2.92% this week, also down from last week’s 2.94%. A year ago, the 15-year FRM averaged 3.39%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage was down from last week’s 2.88%, landing at an average of 2.84% this week. Last year at this time, the 5-year ARM averaged 3.03%.
The 1-year Treasury-indexed ARM averaged 2.44% this week, down from last week’s average of 2.46%. Last year at this time, the 1-year ARM averaged 2.44%.
Fixed rates were down this week, remaining near their 2015 lows, according to data released by Freddie Mac.