Freddie Mac Mortgage Rates Low, Home Sales Financing Up 22%

According to BankRate.com through the use of their mortgage calculators the difference between the 30-year fixed-rate mortgage today versus a year ago would save a borrower with a $250,000 mortgage as much as $150 a month.

The 15-year fixed rate mortgage this week averaged 4.54 percent, also up slightly from last week when it averaged 4.52 percent. This week a year ago the 15-year fixed-rate mortgage averaged 5.42 percent.

If you are in a home short-term or are looking to make a short-term move, the five-year Treasury ARMs averaged 4.93 percent, up from last week's survey when it averaged 4.92 percent. This time a year ago, the 5-year ARM averaged 5.56 percent.

“Mortgage rates rose slightly this week but still remained historically low,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Interest rates for 30-year fixed-rate mortgages have averaged below 5.0 percent for the last four weeks, which should keep homeowner affordability at record levels."

“Given these low mortgage rates, demand in housing market has strengthened. Conventional mortgage applications both for refinancing and for home purchases have increased over the past five consecutive weeks ending April 3. Since the end of February, applications for home purchases were up about 22 percent and nearly 129 percent for refinancing, according to the Mortgage Bankers Association.”

Across the U.S. the Southwest region, as defined by Freddie Mac, had the lowest average mortgage rates at 4.82 percent on the 30 year fixed-rate mortgage with the Northeast having the highest at 4.93 percent.