According to Freddie, most mortgage rates recede this week while the one-year adjustable rate mortgage is on the rise.
Freddie Mac just released today the results of its Mortgage Market Survey® in which the 30-year fixed-rate mortgage averaged 4.82 percent for the week ending April 16, 2009, down from last week when it averaged 4.87 percent. A year ago the 30-year fixed-rate mortgage had averaged 5.88 percent.
The 15-year fixed rate mortgage averaged 4.48 percent, which was down from last week when it averaged 4.54 percent. According to Freddie, a year ago the 15-year fixed rate mortgage averaged 5.40 percent. This is the lowest the 15-year fixed-rate mortgage has been since Freddie Mac began tracking it almost 20 years ago.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.88 percent this week down from last week when it was at 4.93 percent on average. Just like the 15-year fixed-rate mortgage, this is the lowest the 5-year ARM has been since Freddie Mac began tracking it in 2005.
One-year Treasury-indexed ARMs averaged 4.91 percent this week up from last week when it averaged 4.83 percent.
"Mortgage rates on fixed-rate loans and some ARM products eased this week," said Frank Nothaft, Freddie Mac vice president and chief economist. "The housing industry is starting to exhibit some positive signs, albeit scarce and too early to tell how permanent. In its April 15th regional economic report, the Federal Reserve reported that better-than-expected buyer traffic led to a scattered pickup in home sales in a number of its Districts over the 6-week period ending on April 6th. Factors such as home buyer tax credits, low mortgage rates, and more affordable prices were cited as leading to more potential buyers. This may have added to the rise in homebuilder confidence in April, which rose to the highest level in six months, according to the National Association of Home Builders. Moreover, confidence increased in each of the four regions, led by the Northeast and Midwest."
The author Hank Bailey is real estate broker in the state of Georgia. He blogs at athensproperties.wordpress.com/.
hankbailey@kw.com
(c)706-621-1895
(w)706-316-2900
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