For the week ending April 23, Freddie Mac announced that 30-year fixed rates moved up slightly to 3.33% from 3.31% the week before. Although the average for 15-year loans increased to 2.86%, it is hard to find a lender that will offer that rate no matter how far and wide one may look. The typical rate for a 15 year loan is about .25 percent less than what can be found for a 30 year rate. Most lenders are not pushing the shorter term mortgages. The average for five-year ARMs fell to 3.28%. A year ago, 30-year fixed rates averaged 4.20%, more than 0.75% higher than today. “Rates have stabilized over the last few weeks as the market searches for direction in the fog of economic data. While financial markets initially rallied on the news of Federal Reserve support and are improving due to the Senate’s passage of a new small business stimulus, we continue to see a deep economic contraction amidst uncertainty about the recovery formation,” said Sam Khater, Chief Economist, Freddie Mac.
Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.