“Mortgage rates continued to decline this week as industrial production slipped by 0.6 percent in April, below the market consensus forecast,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “Meanwhile, housing starts jumped 13 percent in April to a seasonally adjusted annual rate of 1,072,000 units, well above expectations. Permits rose to a seasonally adjusted annual rate of 1,080,000 in April, also above expectations.”
The average rate for the 30-year fixed-rate mortgage dropped to 4.14% this week from last week’s average of 4.20%. The 15-year FRM averaged 3.25% this week, down from last week’s 3.29%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.96% this week, down from last week’s average of 3.01%. The 1-year ARM held steady at 2.43%.
Fixed mortgage rates hit new lows for the year this week, according to data released by Freddie Mac.