ABBA First Mortgage News

Rates increased again slightly last week

Rates moved up a bit last week but remained near their yearly lows. For the week ending April 11, Freddie Mac announced that 30-year fixed rates rose to 4.12% from 4.08% the previous week. The average for 15-year loans increased to 3.60% and the average for five-year moved up to 3.80%. A year ago, 30-year fixed rates averaged 4.42%, approximately one third of a percent higher than today. Attributed to Sam Khater, Chief Economist, Freddie Mac –“Rates moved up slightly this week while applications for home loans decreased following last week’s jump in rates – indicating borrower sensitivity to changing rates. Despite the recent rise, we expect rates to remain low, in line with the low 10-year treasury yields, boosting homebuyer demand in the next few months.

” 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.

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