“Mortgage rates were down slightly following the release of real GDP estimates for the first quarter of the year which rose 0.1 percent and fell well short of market expectations,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “Meanwhile, the pending home sales index rose in March ending eight consecutive months of decline and the S&P/Case-Shiller 20-city composite house price index rose 12.9 percent over the 12-months ending in February 2014.”
The 30-year fixed-rate mortgage averaged 4.29% this week, down from last week’s average of 4.33%. Last year at this time, the 30-year FRM averaged 3.35%.
The 15-year FRM averaged 3.38% this week, down from last week’s average of 3.39%. Last year, the 15-year FRM averaged 2.56%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.05% this week, up from last week’s average of 3.03%. A tear ago, the average rate for the 5-year ARM was 2.56%.
The 1-year Treasury-indexed ARM averaged 2.45% this week, up from last week’s average of 2.44%. Last year, the 1-year ARM averaged 2.56%.
Fixed mortgage rates fell slightly this week, according to data released today by Freddie Mac.