Fixed rates fell this week after weaker-than-expected housing data, according to a survey by Freddie Mac.
Mortgage rates continued to ease this week as housing starts [PDF] rose 2.8 percent in March but not as much as expected," said Frank Nothaft, Vice President and chief economist for Freddie Mac. "Also, permits fell 2.4 percent in March to a seasonally adjusted annual rate of 990,000, which followed a slight downward revision of 4,000 permits in February."
The average rate for 30-year fixed-rate mortgages was 4.27% this week, down from last week's average of 4.34%. Last year at this time, the 30-year FRM averaged 3.41%.
The average rate for 15-year FRMs was also down this week, falling to 3.33% from last week's average rate of 3.38%. A year ago, the 15-year FRM averaged 2.64%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.03% this week, down from last week's average of 3.09%. Last year at this time, the 5-year ARM averaged 2.60%.
The 1-year Treasury-indexed hybrid ARM averaged 2.44% this week, up from last week's 2.41%. Last year at this time, the 1-year ARM averaged 2.63%.