MW: Rates on 5-year hybrid mortgage hit record low
Fixed-rate mortgage rates rise over week: Freddie Mac
By Amy Hoak, MarketWatch
CHICAGO (MarketWatch) — Mortgage rates crept higher this week, except for 5-year Treasury-indexed hybrid adjustable-rate mortgages, which hit a record low 2.78% in Freddie Mac’s weekly survey of conforming mortgage rates, released on Thursday.
Rates on the 5-year ARM averaged 2.78% last week, down from 2.85% the week before and 3.61% a year ago, according to Freddie Mac. The ARM’s previous low was 2.8%, set in February.
Rates on 30-year fixed-rate mortgages rose to 3.9% for the week ending April 19, up from 3.88% last week. The mortgage averaged 4.8% a year ago.
The 15-year fixed-rate mortgage averaged 3.13%, up from 3.11% last week. The mortgage averaged 4.02% a year ago.
And 1-year Treasury-indexed ARMs averaged 2.81%, up from 2.8% last week. They averaged 3.16% a year ago.
To obtain the rates, the 30-year fixed-rate mortgage required payment of an average 0.8 point, the 15-year fixed-rate mortgage and the 5-year ARM required an average 0.7 point and the 1-year ARM required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.
“Fixed mortgage rates held relatively stable this week amid signs that inflation remains in check,” said Frank Nothaft, vice president and chief economist, Freddie Mac, in a news release.
“Both headline inflation gauges (the consumer and producer price indexes) for March were in line with market expectations,” he said.
Amy Hoak is a MarketWatch reporter based in Chicago.
