By Ruth Mantell
WASHINGTON (MarketWatch) -- Following weaker employment data, the 30-year fixed-rate mortgage average fell to a near-record low of 3.88% in the week ending April 12 from 3.98% in the prior week, Freddie Mac said Thursday in its weekly report. The rate was 4.91% a year earlier. To obtain the latest rate, payment of an average 0.7 point was required, according to Freddie, a buyer of residential mortgages. A point is 1% of the mortgage amount, charged in prepaid interest. The 15-year fixed-rate mortgage fell to a record low of 3.11% in the most recent week from 3.21% in the prior week. These data go back to 1991. Meanwhile, the average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage ticked down to 2.85% from 2.86%. The 1-year Treasury-indexed ARM rose to 2.80% from 2.78%.
