Freddie Mac reports homebuyers are taking advantgage of low rates

April 27th, 2016 | Rates! Rates! Rates!



Rates continued to be stable in the past week, hovering near their lowest levels in almost three years. Freddie Mac announced that, for the week ending April 21, 30-year fixed rates rose one tick to 3.59% from 3.58% the week before.

The average for 15-year loans was slightly lower at 2.85%. The average for five-year adjustables decreased to 2.81%. A year ago, 30-year fixed rates were at 3.65%, close to today's levels.

Attributed to Sean Becketti, chief economist, Freddie Mac -- "Volatility in financial markets subsided over the past week, allowing Treasury yields to stabilize. As a result, the 30-year fixed rate was mostly flat, up only 1 basis point to 3.59 percent. The release of March's existing-home sales report, which shows monthly growth at 5.1 percent, suggests homebuyers are taking advantage of low rates as the spring homebuying season gets underway."

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.

Current Indices for Adjustable Rate Mortgages
Index  -  ending April 22 

6-month Treasury Security    0.37%    0.47%
1-year Treasury Security       0.56%    0.66%
3-year Treasury Security       0.98%    1.04%
5-year Treasury Security       1.35%    1.38%
10-year Treasury Security     1.88%    1.89%
12-month LIBOR                  1.179% (Mar)
12-month MTA                     0.410% (Mar)
11th District Cost of Funds   0.670% (Feb)
Prime Rate                         3.50% (Dec)



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